Tyrrells Sold For £300 Million
Investcorp, a global provider and manager of alternative investment products, has agreed to the sale of Crisps Topco (Tyrrells) to Amplify Snack Brands, the US-based snack food company, for an enterprise value of £300 million. Founded at Tyrrells Court Farm, Herefordshire, England, in 2002, Tyrrells is a premium manufacturer of hand-cooked potato and vegetable crisps, popcorn and other savoury snacks. Tyrrells has successfully built on the brand strength of its core product offering to diversify into other premium snack categories, including popcorn, tortilla chips and vegetable crisps.
Headquartered in Austin, Texas, Amplify Snack Brands is a high growth food company focused on developing and marketing products that appeal to consumers’ growing preference for Better-For-You (BFY) snacks.
Investcorp acquired Tyrrells in August 2013 for £100 million and has overseen an extensive transformation of the company in which sales and EBITDA more than doubled and employee numbers grew by over 70% globally, 30% of which were new employee positions created in the UK. International markets now account for close to 40% of sales compared to 20% three years ago.
Carsten Hagenbucher, managing director in Investcorp’s European Corporate Investment team.
Under Investcorp’s ownership, Tyrrells has grown organically and through acquisitions in Australia and Germany, further expanding its healthy snacking portfolio into organic and gluten-free products, creating a truly diversified premium snacks player. Investcorp’s knowledge and expertise in bringing together family run businesses proved instrumental in the acquisitions, further expanding Tyrrells’ global reach. Investcorp also oversaw significant investments in Tyrrells’ manufacturing capacity and brand. Completion of the sale is subject to competition clearance.
Carsten Hagenbucher, managing director in Investcorp’s European Corporate Investment team, comments: “Tyrrells is a great British success story which we’ve been delighted to play a part in. Three years ago we saw the opportunity to export a fantastic domestic brand and that has been our focus, through two transformative acquisitions – both of which were proprietary deals – and by driving growth in the UK and many international markets.”
David Milner, chief executive of Tyrrells, says: “From the outset when Tyrrells was acquired by Investcorp we projected ambitious growth strategies and that’s exactly what we have delivered. It has been a hugely successful partnership resulting in a business which is in great shape for further international expansion.”
Investcorp’s sale of Tyrrells is its ninth exit in Europe in the last twelve months.
