A.G. Barr, the maker of Irn-Bru, Rubicon energy drinks and Funkin cocktail mixers, announced the acquisition of Leeds-based Boost Drinks, an established branded drinks business, for an initial consideration of £20 million.

An additional consideration of up to £12 million will be paid, dependent on future revenue and profitability performance of the Boost business over a two year period.

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

Gray will continue to lead the business, operating within the Barr group as a standalone business unit.

For the year ended December 31, 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.

Barr CEO Roger White 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.

“The Boost portfolio offers premium taste and performance at a competitive price, with a strong market position in the UK independent retail channel.

“With A.G. Barr’s proven track record of acquiring and developing attractive brands such as Rubicon and Funkin, I look forward to working with Simon and the team to ensure Boost continues to grow and develop under our ownership.”

Boost Drinks CEO Simon 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”.