UK CRISP MAKER TYRELLS SELLS TO US SNACKS FIRM FOR £300MILION
Upmarket UK crisp maker Tyrrells has agreed to be bought by US snacks firm Amplify in a £300m deal. Tyrrells’ products include potato and vegetable crisps, as well as premium popcorn which it calls “poshcorn”.
Amplify will pay Tyrrells’ current owner Investcorp about £278m in cash with the remainder in Amplify shares.
Tyrrells was founded in 2002 by potato farmer William Chase who realised that making crisps was more profitable than selling potatoes to supermarkets.
Mr Chase sold the company in 2008 for nearly £40m and used some of the the proceeds from the sale to set up his own distillery making and selling premium vodka and gin from his potatoes.
Tyrrells generated approximately £85m in net sales last year and international revenues now account for about 40% of its sales. The Herefordshire company was taken over by Bahrain-based investment company Investcorp three years ago.
The latest deal will see current chief executive David Milner stay on as Amplify’s international president.
Mr 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”.
Amplify owns the SkinnyPop brand in the US, and is a major player in the US snack food sector.