Investcorp has bought crisp firm Tyrrells for £100M, it was announced today (August 1).
Premium crisp maker Tyrrells was founded in 2002 by farmer Will Chase
Corporate investment business Investcorp struck a deal to acquire the business from private investment firm Langholm Capital following a lengthy sales process initiated in May.
The deal represents the original sum touted for the manufacturer of premium crisps and snacks, pleasing Langholm, as well as Tyrrells ceo David Milner, who said: "Investcorp's wealth of experience in supporting premium businesses executing their ambitious growth strategies will be invaluable.
"At Tyrrells, we have exciting plans to leverage our differentiated, high quality brand both at home as well as abroad. Investcorp is the ideal partner to help us all at Tyrrells Court Farm accelerate our growth momentum."
'Tyrrells offering is unique'
Carsten Hagenbucher, principal in Investcorp's European corporate investments team, commented: "The premium snacks market is very dynamic and attractive. Tyrrells' offering is unique and the business has an excellent position in the UK and a rapidly growing international footprint. We are excited about partnering with Tyrrells' entrepreneurial management team to accelerate the international expansion and to build a world-class business."
Tangerine Confectionery; US multinational Hain Celestial and an unnamed Japanese snack company are also believed to be competing bidders for Tyrrells, which Langholm bought from Chase in 2008 for almost £40M.
Founded by farmer Will Chase at Tyrrells Court Farm, Herefordshire, in 2002, Tyrrells makes hand-cooked potato and vegetable crisps, premium snacks, including popcorn, and savoury nibbles. It has expanded internationally, with markets such as Germany, France, the Netherlands and North America today accounting for approximately 20% of group turnover.
The company employs 270 people and generates in excess of £100M in retail sales.
