News

Tyrells goes to Amplify for £300m

11 Aug 2016

Alternative investment products company Investcorp has agreed to the sale of Crisps Topco Limited (Tyrrells) to Amplify Snack Brands for £300m.

Alternative investment products company Investcorp has agreed to the sale of Crisps Topco Limited (Tyrrells) to Amplify Snack Brands for £300m.

Founded at Tyrrells Court Farm, Herefordshire, in 2002, Tyrrells is a manufacturer of hand-cooked potato and vegetable crisps, popcorn and other savoury snacks. Tyrrells has built on the brand strength of its core product offering to diversify into other premium snack categories, including popcorn, tortilla chips and vegetable crisps.

Investcorp acquired Tyrrells in August 2013 for £100m and says it 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.

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 diversified premium snacks player. Investcorp says its knowledge and expertise in bringing together family-run businesses proved instrumental in the acquisitions, further expanding Tyrrells’ global reach. Investcorp also notes that it oversaw significant investments in Tyrrells’ manufacturing capacity and brand. Completion of the sale is subject to competition clearance.

“Tyrrells is a great British success story which we’ve been delighted to play a part in,” said Carsten Hagenbucher, Managing Director in Investcorp’s European Corporate Investment team. “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. We wish David and his team the best of luck in this new chapter.”

“From the outset when Tyrrells was acquired by Investcorp we projected ambitious growth strategies and that’s exactly what we have delivered,” said David Milner, Chief Executive of Tyrrells. “It has been a hugely successful partnership resulting in a business which is in great shape for further international expansion.”