Tyrrells snapped up by US snack maker
9 Aug 2016
Premium British crisp maker Tyrrells has agreed to a £300m offer from US food manufacturer, Amplify Snack Brands.
The deal covers Tyrrells’ international portfolio of premium snack brands, currently owned by Bahrain-based private equity firm, Investcorp.
Similar to Amplify, Tyrrells has a strong entrepreneurial spirit and successful track record of transforming categories and creating growth brands
Tom Ennis, Amplify CEO
Headquartered in Herefordshire, Tyrrells is a diversified manufacturer of a range of crisps and tortillas in the UK, Europe and many other international markets.
Valued at £300 million, the transaction comprises £278 million in cash and 2.1 million shares of Amplify’s common stock.
David Milner, chief executive officer of Tyrrells, said: “We were lucky enough to be able to choose our long-term partner and this partnership provides a significant opportunity to accelerate sales growth for Tyrrells’ brands in the United States, as well as the scope for Amplify’s brands in the international marketplace.
“Building upon the strength of each of our respective customer relationships and leveraging Tyrrells’ manufacturing capabilities, we shall be entering new territories as well as broadening our reach in existing markets.”
Under the terms of the transaction agreement, Tyrrells will become a wholly-owned subsidiary of Amplify.
Tom Ennis, Amplify’s chief executive officer, said: “We believe that the combination with Tyrrells will create significant long-term value for all of our stakeholders. Similar to Amplify, Tyrrells has a strong entrepreneurial spirit and successful track record of transforming categories and creating growth brands.”
