US food giant in £300m dip for crisps firm Tyrrells
Tyrrells, the English maker of hand-cooked crisps, has been acquired by US food firm Amplify Snack Brands in a deal worth £300 million.
The up-market crisp maker, which was founded on a Herefordshire farm in 2002, has seen revenues soar since it was taken over by Bahrain-based investment company Investcorp three years ago.
Tyrrells, which has expanded rapidly internationally, has raked in £84 million in revenues over the past 12 months. Global revenues from markets such as Germany and Australia now account for 40% of its sales.
The deal will see 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, best known for its SkinnyPop brand in the US, is a major player in the snacking category in the US.
The Tyrrells stable of products include potato, vegetable and crinkle cut crisps and premium popcorn.
Amplify chief executive Tom Ennis said: "Together we plan to capitalise on each company's market leadership and sales force capabilities to drive higher revenue growth than either company could independently accomplish".