The sale included Tyrrells’ head office and two manufacturing sites in the UK, its US manufacturing capabilities and its subsidiaries – the Aroma Snacks business in Germany and Yarra Valley Snack Foods (YVSF) in Australia.
Mark Thorpe, chief executive of KP Snacks, said, subject to completion of the deal, he looked forward to welcoming Tyrrells’ colleagues into the business.
“This acquisition is a fantastic opportunity for us to add premium hand-cooked crisps to the KP business and a brand which further increases our capability in the sharing category. We can now offer our consumers and customers a total savoury snacking category portfolio.
‘Continue to grow the brand’
“I am delighted that Tyrrells will be joining us to help maintain our momentum as the UK’s fastest growing scale snacks manufacturer and also enable us to continue to grow the brand across the international markets.”
KP Snacks owner Intersnack Group said the acquisition was a strategic fit for the company and strengthened its market coverage in the UK and France. The business would also benefit from a bigger footprint in the German and Australian markets.
Commenting on the sale, Tyrrells International managing director Malcolm Burns said: “I am incredibly proud of everything the Tyrrells team has achieved, starting in our farmhouse kitchen 16 years ago to become a brand loved internationally across more than 40 countries.
“KP Snacks offers a great long-term home for Tyrrells, Aroma and YVSF, providing a stable platform for growth over the coming years. Together, we will be able to offer our consumers and customers a total savoury snacking category portfolio.”
Failed takeover bid
KP’s acquisition of Tyrrells comes just six months after former owner Amplify Snack Brands was purchased by Hershey in a deal worth $1.6bn (£1.2bn). It followed a failed takeover bid by rival confectionery firm Mondelēz last year.
Speaking at the time, Julian Wild, partner at business consultancy Rollits, said Hershey had been under pressure to make acquisitions since rejecting Mondelēz.
Tyrrells had previously changed hands in August 2016, being bought by Amplify from previous owner Investcorp for £300m – a price which Wild said it had overpaid.
Meanwhile, Biscuit International has bought Northumbrian Fine Foods (NFF) from CriSeren Foods in a move designed to boost business for both processors in gluten-free and milk-free biscuits.