A G Barr buys Funkin

02 February, 2015

AG Barr plc, the soft drinks group, has announced the acquisition of Funkin Limited from its founding shareholders for an initial £16.5 million plus up to a further £4.5 million subject to meeting certain financial performance targets.

Funkin was founded in the late 1990s and offers a range of premium pre-mixed cocktails including fruit purees, cocktail mixers and syrups. Sales have been developed through relationships across both the on-trade channel and increasingly in restaurants.

The business is predominately in the UK but does have fledgling business units established in the US and mainland Europe. The business has grown rapidly to achieve revenues of circa £9 million in 2014.

Barr, which is best known for its Irn-Bru and Tizer brands, says Funkin will strengthen its portfolio, and takes the group into a new segment of cocktail mixers.

Funkin is committed to continuing to drive its on-trade business and will also look to realise the opportunity to leverage A G Barr’s routes to market, as well as its branding and marketing expertise, to increase Funkin’s presence and brand recognition in additional channels and in new Funkin branded products.

Funkin has developed its presence in selected international markets, primarily the US and France to date. The cocktail markets in these countries are evolving rapidly and Funkin has experienced a positive customer response. Barr believes there is significant scope to increase Funkin’s presence in these markets going forward.

Funkin CEO Andrew King will remain with the business under Barr’s ownership and Funkin will operate within the group as a supported, yet stand alone, business unit.

Barr chief executive, Roger White said: “We believe that Funkin has created a unique niche in a growing market and together we can drive exciting growth in a new sub category. We have a proven track record of acquiring and developing high growth brands such as Rubicon. Under our ownership we believe Funkin is even more strongly positioned to take advantage of a number of exciting growth opportunities.”

Keywords: funkin, AG Barr

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