Tyrrells crisps sold in £300M deal

Investcorp will receive about £278M directly from the sale, and 2.1M shares in Amplify. The deal is expected to be completed by the end of September.

Amplify, a major player in the healthy snacks sector, said the deal would benefit both businesses. President and ceo of Amplify Tom Ennis said: “​Together, Amplify and Tyrrells will partner to create a truly unique international better-for-you snack food leader that can continue to drive robust future revenue and earnings growth.​

‘Truly unique international snack food leader’​

“We believe that the combination with Tyrrells will create significant long-term value for all of our stakeholders.”​

The Tyrrells range will now benefit from Amplify’s experience in expanding premium brands in North America.

Tyrrells ceo David Milner said: “​This is a terrific deal for Tyrrells and the team who have delivered a stellar performance over the last few years. ​

“As a small, UK farm-based business, it is a tremendous achievement to be now part of a US publicly-traded company with the international reach to make Tyrrells a global brand.”​

More than doubled its annual sales​

Since first being bought by Investcorp, Tyrrells has more than doubled its annual sales, and its employee numbers grew by 70%. The British crisp company reported £8.5M in net sales over the past 12 months, up to July 2016.

Investcorp bought Tyrrells for £100M in August 2013​. Tyrrells sale to Amplify means Investcorp trebled its investment over the past three years.

Investcorp’s md Carsten Hagenbucher said: “​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. We wish David and his team the best of luck in this new chapter.”​