A.G. Barr, the Cumbernauld-based maker of Irn-Bru, Rubicon energy drinks and Funkin cocktail mixers,  said on Monday it has taken an initial 60% equity stake in MOMA Foods Limited, the independent branded porridge and plant-based milk business.

“We are delighted to announce that the group has taken an initial c.60% equity stake in MOMA Foods Limited with an agreed path to full ownership over the next three years,” said Barr.

“MOMA was founded by Tom Mercer in 2006 and quickly established itself as a modern, challenger brand in the porridge market, using the finest quality, British jumbo oats. 

“Most recently MOMA has diversified into the high growth plant-based milk sector, and is now the UK’s 3rd largest oat milk brand. 

“MOMA also produces a range of low sugar granola and bircher muesli branded products.”

MOMA Foods Limited founder and CEO Tom Mercer said: “I’m hugely excited to embark on the next phase of MOMA’s growth with AG 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.”

AG Barr CEO 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. 

“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 transaction is not expected to have a material impact on Barr’s profits for the current financial year ending January 30, 2022.