Funkin bought out by Irn-Bru owner

Funkin, the premium brand of cocktail mixers, purees and juices, has been acquired by Scottish soft drinks group A.G. Barr for £16.5 million.

A.G. Barr will fold Funkin fruit juices, purees and cocktail mixers into its portfolio

The deal also includes up to a further £4.5m subject to certain financial performance achievements.

Founded in the late 1990s, Funkin has developed its business in the UK through the on-trade and restaurants, and now includes “fledgling business units” in the US and Europe.

The group achieved revenues of around £9m in 2014.

A.G. Barr, which owns the Irn-Bru brand, sees the acquisition of Funkin as its first step into cocktail mixers.

Roger White, chief executive of A.G. Barr, said: “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.”

The group added that Funkin has been well placed to capitalise on mainstream cocktail consumption, and the brand will now be leveraged through A.G. Barr’s routes-to-market, both in the UK and internationally.

A.G. Baar is expected to post revenues of £259 million, a 2% increase on 2013, in its full-year financial results in March.