Food & Beverage
Spayne Lindsay advises on the sale of Funkin Limited (“funkin”) to A.G. BARR p.l.c. (“A.G. BARR”).
Spayne Lindsay is delighted to announce that it has advised funkin on its sale to A.G. BARR for an initial consideration of £16.5 million plus a further £4.5 million subject to the achievement of certain financial performance targets. The initial consideration represents an EV/EBITDA multiple of 10.6 times based on adjusted 2014 EBITDA.
funkin was founded in the late 1990s by Alex Carlton and offers a broad range of cocktail mixing solutions including fruit purees, cocktail mixers and syrups. Current CEO, Andrew King, joined funkin in 2006 and helped the business achieve rapid sales growth (to c.£9 million) and brand leadership in the UK on-trade cocktail market. funkin is well placed to capitalise on the growing cocktail market as its products enable outlets including bars, pubs, clubs and restaurants to provide high quality, innovative cocktails efficiently and consistently for consumers. Although primarily UK based, funkin has an increasing presence in the US and Continental Europe where the cocktail markets are also quickly evolving.
Andrew King, CEO of funkin, commented:
“Spayne Lindsay were an enormous help to our business through the sale process, giving invaluable advice and taking the strain, to allow the business to carry on functioning during the sale process. The team from Spayne Lindsay who worked on the project quickly understood our business and were able to help us communicate our proposition and conclude a great deal for our shareholders and our staff”