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(Reuters) - British soft drinks maker A.G. Barr said on Monday it bought a 60% stake in porridge and oat milk maker MOMA Foods as it forays into the fast-growing plant-based milk sector.
Best known for fizzy drink Irn-Bru, A.G. Barr said it had agreed to assume full ownership of MOMA Foods over the next three years.
Demand for vegan milk alternatives has risen in recent years, with much of the demand for plant-based food and drink being led by millennial and generation Z consumers.
MOMA Foods, founded by Tom Mercer in 2006 as a breakfast stall in a railway arch in south east London, also makes low-sugar granola and bircher muesli-branded products, and most recently diversified into oat milk.
"I'm delighted that AG Barr is venturing into healthy oat-based products with such a great brand and an experienced team, led by Tom," said A.G. Barr Chief Executive Officer Roger White.
(Reporting by Muhammed Husain in Bengaluru; Editing by Subhranshu Sahu)