A.G. Barr Plc has announced a minority investment in a new range of non-alcoholic drinks for adults which will be sold under the brand STRYYK.
Commenting on the investment, A.G. Barr chief executive, Roger White, said, "More and more consumers are seeking a drink that adds positively to their social experience but without the side effects of alcohol."
"We're very excited to be involved in both investing in and growing the STRYYK brand in this new and fast-moving consumer category," White added.
The Deal
As a part of the deal, the Irn-Bru maker is investing £1 million (€1.12 million) for a 20% minority stake in the start-up, Elegantly Spirited Limited, which owns the STRYYK brand.
A.G. Barr's subsidiary Funkin has also entered into a long-term agreement on normal market terms to act as an exclusive distributor for all Elegantly Spirited Limited products in the UK.
Elegantly Spirited Limited was recently set up by entrepreneurs Alex Carlton and Andrew King - the original founders of Funkin.
In 2016, Funkin was acquired by A.G. Barr but King continued his association with the business after the transfer of ownership.
He will continue to serve as its executive chairman, the company said.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.
