AB Akola Group invests in a promising Lithuanian beverage startup

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Food production

AB Akola Group will acquire a minority stake in the startup OMG Bubble Tea, UAB.

2024.03.16

Acquired a minority stake

Founded in 2022, OMG Bubble Tea, UAB is a fast-growing producer of natural bubble tea, exporting around 95% of its production to France, Germany, Great Britain, Austria, and other countries. The company has 143 employees and a production unit in Panevėžys.

Mažvydas Šileika, Chief Financial Officer of AB Akola Group

Mažvydas Šileika, Chief Financial Officer of AB Akola Group said the investment will allow the startup to expand at an even faster pace, while the AB Akola Group’s seat on the company’s board will strengthen its governance.

“I plan to sit on the company’s board, so we will spot first-hand how ambitious plans are being implemented. 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 startups,” says Šileika.

According to Jonas Karosas, Director of OMG Bubble Tea, UAB, the company built a solid team, secured the supply of raw materials and good position in certain retail chains abroad.

“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,” says J. Karosas.

This is the second investment in startups by AB Akola Group. A few years ago, the group invested in Geoface, a startup that developed a smart farming app, and later acquired a full stake in it.

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