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AB Akola Group to acquire minority stake in OMG Bubble Tea for €1.9m
FoodBev Media

FoodBev Media

19 March 2024

AB Akola Group to acquire minority stake in OMG Bubble Tea for €1.9m

AB Akola Group is acquiring a minority stake in Lithuanian beverage start-up OMG Bubble Tea for €1.9 million. Founded in 2022, OMG Bubble Tea is a producer of natural bubble tea, with approximately 95% of its production exported to France, Germany, Great Britain, Austria and other countries. It has a workforce of 143 employees and a production facility located in Panevėžys. AB Akola Group is said to own "the largest agricultural and food production group in the Baltics", employing 4.9 thousand people. Mažvydas Šileika, chief financial officer of AB Akola Group, said: "OMG Bubble Tea is a growing start-up that has increased production and revenue several times over the year. The management and the team are energetic, the production processes are being fine-tuned, and the sales progress has been made for further successful expansion." "In 2024 and 2025, exponential growth is foreseen for the start-up – measuring in times, not in percentage. The global bubble tea market size was valued at 3 billion US dollars in 2022 and is projected by experts to grow by 6.3% annually until 2032, while the European market will grow by 8% annually. Therefore, the start-up's outlook is promising." He added: "We believe this is a worthwhile investment for us, as the consumption of beverages is growing globally, especially among young people, and the prospects in this area are great. Our business strategy is to increase the weight of food products in the group's overall business, thereby increasing the group's overall profitability and value. We are not only investing in increasing production capacity but also looking for small, growing producers. This is by no means our last investment in beverage start-ups." Jonas Karosas, director of OMG Bubble Tea, commented: "Our product is aimed at children and young people, and it evokes good emotions. Global trends show increased demand, and we want to take advantage of this and expand our volumes. The kick-off, as in any production, was not easy, but we have still grown at a very fast pace since we started the company. The Akola Group’s investment will allow us to increase this pace even further."

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