Tyrrells Group Holdings Limited has entered into a definitive agreement to be acquired by Amplify Snack Brands Inc, a US publicly traded company best known for its SkinnyPop brand, in a deal worth £300 million ($500 million).
The value of Tyrrells is claimed to have tripled in the past three years since it was acquired by Investcorp for £100 million ($170 million) in 2013. The company manufactures a range of premium hand-cooked potato and vegetable crisps, popcorn and other savoury snacks.
Amplify Snack Brands is a large player in the ‘better for you’ snacking category in the US. The deal will allow Tyrrells’ range in the US, which is the largest international market for snacks, to benefit from the experience and knowledge of the Amplify team in growing premium brands in North America. The non-American side of the business will continue to be managed by the UK-based Tyrrells team.
Tyrrells CEO David Milner will become President International of Amplify on completion of the transaction.
“This is a terrific deal for Tyrrells and the team who have delivered a stellar performance over the last few years,” he said. “As a small, UK farm-based business it is a tremendous achievement to be now part of a publicly traded company with the international reach to make Tyrrells a global brand.”
Tyrrells acquired Yarra Valley Snacks Foods – a premium snacks business based in Victoria’s Yarra Valley – in August 2015.