LONDON (dpa-AFX) - A.G. BARR plc (BAG.L), a producer of drinks brands including IRN-BRU, Rubicon, Strathmore and Funkin, announced Friday a minority interest investment in new business start-up Elegantly Spirited Limited, which owns STRYYK brand.
Under the deal, A.G. Barr's subsidiary business Funkin has entered into a long-term agreement on normal market terms to act as exclusive UK distributor for all Elegantly Spirited Limited products. Further, A.G. Barr would invest an initial 1 million pounds for a 20% minority stake in the new business.
With the investment, Elegantly Spirited seeks to capitalise on the growing demand for non-alcoholic adult drinks. The company is bringing out a new portfolio of zero proof spirits under the STRYYK brand.
Roger White, A.G. Barr Chief Executive, said, 'More and more consumers are seeking a drink that adds positively to their social experience but without the side effects of alcohol.'
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