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AG Barr has announced the acquisition of Boost Drinks from the company’s founder Simon Gray and his wife Alison. Boost – which offers energy drinks, RTD iced coffees and sports-focused beverages – has been acquired for an initial consideration of £20 million, on a debt-free, cash-free basis. According to AG Barr, the brand operates an asset light business model, outsourcing production, warehousing and logistics. The existing management team, with Gray at the helm, will continue to lead Boost, which will operate within AG Barr as a standalone unit. An additional consideration of up to £12 million is dependent on the revenue and profitability performance of the business over a two-year period. AG Barr CEO, Roger White, said: “Today’s announcement is further evidence of our strategy to continue to grow the business through targeted acquisitions, with a particular focus on developing within high-growth and functional categories”. “Boost is one of the UK’s most recognisable functional drinks brands, and we are delighted to welcome the team into the AG Barr group. The Boost portfolio offers premium taste and performance at a competitive price, with a strong market position in the UK independent retail channel. “With AG Barr’s proven track record of acquiring and developing attractive brands such as Rubicon and Funkin, I look forward to working with Simon and the team to ensure Boost continues to grow and develop under our ownership.” Boost founder and CEO, Gray, added: “I'm hugely excited to embark on the next phase of Boost’s growth with AG Barr. Over the past 20 years Boost has proven its popularity with consumers who want great-tasting, high-performing functional drinks that offer great value for money, and I am sure that as part of the AG Barr group we will maintain our strong growth trajectory.” The acquisition is being funded from AG Barr’s cash reserves.