British soft drinks maker A.G. Barr has announced that it has acquired a 60% stake in porridge and oat milk maker MOMA Foods as it forays into the fast-growing plant-based milk sector.
Best known for fizzy drink Irn-Bru, A.G. Barr said it had agreed to assume full ownership of MOMA Foods over the next three years.
Demand for vegan milk alternatives has risen in recent years, with much of the demand for plant-based food and drink being led by millennial and generation Z consumers.
MOMA Foods, founded by Tom Mercer in 2006 as a breakfast stall in a railway arch in south east London, also makes low-sugar granola and bircher muesli-branded products, and most recently diversified into oat milk.
A.G. Barr chief executive officer Roger White, said, "I'm delighted that AG Barr is venturing into healthy oat-based products with such a great brand and an experienced team, led by Tom [Mercer].
"Plant-based milk is a fast-growing category, in particular, and MOMA's oat milk is a premium quality product with huge potential. This exciting investment is a positive indication of AG Barr's growth ambitions."
'The Next Phase Of MOMA's Growth'
Founder and CEO of MOMA Foods Limited, Tom Mercer, added, "I'm hugely excited to embark on the next phase of MOMA's growth with A.G. Barr. I believe that together we can harness the passion that is integral to MOMA and grow into a significantly bigger brand.
"We're 100% focused on crafting oats into the tastiest food and drink products we can, and I'm looking forward to the next leg of our journey."
In May of this year, soft drinks maker Britvic announced the acquisition of the plant-based drinks company, Plenish.