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.”