Leeds-based drinks firm Boost acquired by A.G. BARR Group

The group has acquired 100 per cent of Boost’s issued share capital for an initial consideration of £20 million, funded from the Group’s cash reserves.

The business is being acquired from Boost founder Simon Gray and his wife Alison.

Mr Gray said: "I'm hugely excited to embark on the next phase of Boost’s growth with A.G. BARR.

“Over the past 20 years Boost has proven its popularity with consumers who want great tasting, high performing functional drinks that offer great value for money and I am sure that as part of the A.G. BARR Group we will maintain our strong growth trajectory”.

Founded in 2001, Boost primarily operates in the high growth functional beverage category, including energy, sport and protein.

The acquisition includes an additional consideration of up to £12 million, dependent on future revenue and profitability performance of the Boost business over a two year period from completion, payable in cash at the end of that period.

For the year ended 31 December 2021 Boost’s unaudited statutory revenue and profit before tax were £42.1 million and £1.9 million respectively with gross assets of £12.5 million.

Roger White, chief executive officer of A.G. BARR, said: “Today’s announcement is further evidence of our strategy to continue to grow the business through targeted acquisitions, with a particular focus on developing within high growth and functional categories.

“Boost is one of the UK’s most recognisable functional drinks brands, and we are delighted to welcome the team into the A.G. BARR Group.

"I look forward to working with Simon and the team to ensure Boost continues to grow and develop under our ownership.”