Investcorp sells Tyrrells to Amplify

Mohammed Alardhi

Investcorp, a global provider and manager of alternative investment products, says it has agreed to the sale of Crisps Topco Ltd. (Tyrrells) to Amplify Snack Brands, Inc. (Amplify) for an enterprise value of 300 million pounds.
Founded at Tyrrells Court Farm, Herefordshire, in 2002, Tyrrells is a manufacturer of hand-cooked potato and vegetable crisps, popcorn and other snacks.
Tyrrells has successfully 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 100 million pounds and has overseen an extensive transformation of the company in which sales and EBITDA more than doubled, and employee numbers grew by over 70 percent globally, 30 percent of which were new employee positions created in the UK. International markets now account for close to 40 percent of sales.
Under Investcorp’s ownership, Tyrrells has grown organically and through acquisitions in Australia and Germany, further expanding its better-for-you snacking portfolio into organic and gluten-free products.
Mohammed Mahfoodh Alardhi, executive chairman, said that sale of Tyrrells comes at a time when Investcorp is experiencing an exceptionally active period having just recently seen Mubadala Development Company acquire a 20 percent interest in the firm.
The success of Investcorp’s on-going activities is testament to our ability to create global leaders across a multitude of industries, launch companies onto significant growth trajectories and deliver undisputed value to our stakeholders.”
David Milner, chief executive of Tyrrells, said: “From the outset when Tyrrells was acquired by Investcorp, we projected ambitious growth strategies and that’s exactly what we have delivered. It has been a hugely successful partnership resulting in a business which is in great shape for further international expansion.”
Investcorp’s sale of Tyrrells is its ninth exit in Europe in the last 12 months.