Posh crisp maker Tyrrells snapped up by Amplify Snack Brands for £300m
US publicly-listed food group Amplify Snack Brands has acquired posh crisp and popcorn maker Tyrrells in a £300m deal.
Tyrrells' chief executive, David Milner, will become president international of Amplify Snack Brands upon completion of the takeover.
The premium, hand-cooked potato and vegetable crisp maker has expanded into other savoury snacks such as popcorn in recent years, and the company's value has tripled since it was acquired by Investcorp in 2013.
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In the last year, the Herefordshire-based crisp maker has expanded with acquisitions in Australia, including the Melbourne-based Yarra Valley Snack Foods, and Germany.
International sales now account for close to 40 per cent of revenues, compared to 20 per cent three years ago.
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."
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In the US, Amplify is best known for its SkinnyPop popcorn brand. All other non-North American territories, including the international launch of SkinnyPop, will now be managed by Tyrrells' UK team.
Tom Ennis, Amplify’s chief executive and president said: "The product characteristics and flavour profiles of Tyrrells on-trend premium brands align with Amplify’s Better-For-You snacking strategy.
"Our two brands are examples of strong entrepreneurial spirit with successful track records in transforming categories and creating growth brands. 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."