Crisp firm Tyrrells sold for £100m
TYRRELLS, the premium snacks firm which uses only potatoes from local Herefordshire farmers for its UK crisps, has been snapped up by private equity firm Investcorp in a £100m deal.
The firm, founded 11 years ago by farmer Will Chase as a sideline to his traditional Herefordshire farm, will continue to be led by current chief executive David Milner.
Chase sold a majority stake in the business to Langholm Capital for £40m in 2008, using the funds to help set up a vodka distillery. He sold off his remaining shares in 2010, meaning he will not benefit from yesterday’s sale.
Tyrrells has expanded rapidly from its original British roots, now selling its snacks across Europe and the US. It has also extended beyond posh crisps, making popcorn in flavours such as sticky toffee pudding and bar snacks including pork crackling with a dash of mustard. The company now generates over £100m in annual sales.
Investcorp principal Carsten Hagenbucher said it planned to accelerate Tyrrells’ international expansion. “The premium snacks market is very dynamic and attractive. Tyrrells’ offering is unique,” he added.