Rude Health, a London-based cereal and dairy-free beverages maker, has sold a minority stake to consumer goods giant PepsiCo, it has emerged.

Financial details for the 9% holding acquired last year were not disclosed in a statement from Rude Health, which manufactures granola, muesli, porridge and plant-based snacks and drinks.

Nick and Camilla Barnard founded Rude Health in 2005, starting with muesli before moving into other categories. The company supplies Sainsbury’s, Morrisons, Waitrose, Whole Foods Market, The Co-op and Ocado, as well as independent retailers.

“This investment is an acknowledgement of Rude Health’s 15 years of sustainable growth, from a start-up, one muesli company, to a thriving and joyful food and dairy-free drinks brand offering a wide range of award-winning cereals, organic dairy-free drinks and snacks,” the statement read.

“As co-founders and majority shareholders, we remain in full control, with no commitment, requirement or expectation for a further transaction.”

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Quaker cereals owner PepsiCo declined to comment on the deal when contacted by just-food. The US-headquartered food and beverages giant has been active in M&A this year, and added South Africa’s Pioneer Food Group to its roster after overcoming competition concerns. 

This February, it also instigated a direct-to-consumer deal in China with Hangzhou Haomusi Food Co. on the heels of taking a stake in Ethiopian crisps firm Senselet Food Processing.

And last year, PepsiCo acquired BFY Brands, the owner of the PopCorners line of snacks, sports nutrition business CytoSport, and UK crisp brand Pipers