We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Barr (a.g.) Plc | LSE:BAG | London | Ordinary Share | GB00B6XZKY75 | ORD 4 1/6P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-10.00 | -1.75% | 561.00 | 561.00 | 563.00 | 568.00 | 561.00 | 568.00 | 6,104 | 10:46:02 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Btld & Can Soft Drinks,water | 317.6M | 33.9M | 0.3046 | 18.42 | 624.33M |
TIDMBAG
RNS Number : 8192D
Barr(A.G.) PLC
02 February 2015
A.G. BARR p.l.c.
A.G. BARR p.l.c. announces the acquisition of Funkin Limited ("Funkin")
A.G. BARR p.l.c. ("A.G. BARR or "the Group"), the soft drinks group, today announces the acquisition of Funkin Limited from its founding shareholders for an initial cash consideration of GBP16.5million plus up to a further GBP4.5 million subject to the achievement of certain financial performance targets. The initial consideration represents an EV/EBITDA multiple of 10.6 times based on adjusted* 2014 EBITDA.
Funkin was founded in the late 1990s and offers a broad range of premium cocktail solutions including fruit purees, cocktail mixers and syrups. Sales have been developed through close 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 USA and Europe. The business has grown rapidly to achieve revenues of c.GBP9 million in 2014.
The acquisition of Funkin will strengthen A.G. BARR's portfolio, and takes the Group into a new segment of cocktail mixers. The UK cocktail market has exhibited strong growth in recent years as cocktail consumption has become mainstream and consumers have sought more differentiated drinking experiences. Funkin has been well placed to capitalise on this trend as its products enable outlets, including bars, pubs, clubs and restaurants to provide consumers with high quality cocktails efficiently and consistently. As a result, the Funkin brand has achieved a high level of recognition and strong relationships with its customer base, supported by a number of marketing initiatives and its well deserved reputation for quality products and creative innovation.
Going forward, Funkin will continue 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. A.G. BARR believes there is significant scope to increase Funkin's presence in these markets going forward.
The acquisition will be funded by an extension of A.G. BARR existing credit facilities.
Funkin CEO Andrew King will remain with the business under A.G. BARR's ownership and Funkin will operate within the Group as a supported, yet stand alone, business unit.
A.G. BARR Chief Executive, Roger White said,
"We are delighted that Funkin will become part of A.G. BARR. 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."
*Adjusted for certain non-recurring shareholder costs
2 February 2015
For further information please contact:
A.G. BARR Tel: 01236 852400 Roger White, Chief Executive Stuart Lorimer, Finance Director Instinctif Tel: 020 7457 2020 Partners Justine Warren Matthew Smallwood
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACQSSDFIEFISEIE
1 Year Barr (a.g.) Chart |
1 Month Barr (a.g.) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions