Investcorp has agreed to sell Crisps Topco Ltd (“Tyrrells”) to Amplify Snack Brands Inc. The deal is valued at 300 million pounds ($392 million). Tyrrells Court Farm, Herefordshire-based Tyrrells makes hand-cooked potato and vegetable crisps, popcorn and other savoury snacks. Houlihan Lokey advised Investcorp while Shearman & Sterling LLP acted as legal counsel. Jefferies LLC served as financial advisor and Goodwin Procter LLP acted as legal counsel to Amplify.
Investcorp announces the sale of Tyrrells
– Sales and EBITDA more than doubled in three year ownership
– Transaction is Investcorp’s ninth successful exit in Europe in the last twelve months
Investcorp, a global provider and manager of alternative investment products, today announces it has agreed to the sale of Crisps Topco Limited (“Tyrrells” or “the Company”) to Amplify Snack Brands, Inc. (“Amplify”) (NYSE:BETR) for an enterprise value of £300m.
Founded at Tyrrells Court Farm, Herefordshire, in 2002, Tyrrells is a premium manufacturer of hand-cooked potato and vegetable crisps, popcorn and other savoury snacks. Tyrrells has successfully built on the brand strength of its core product offering to diversify into other premium snack categories, including popcorn, tortilla chips and vegetable crisps.
Investcorp acquired Tyrrells in August 2013 for £100m and has overseen an extensive transformation of the Company in which sales and EBITDA more than doubled and employee numbers grew by over 70% globally, 30% of which were new employee positions created in the UK. International markets now account for close to 40% of sales compared to 20% three years ago.
Under Investcorp’s ownership, Tyrrells has grown organically and through acquisitions in Australia and Germany, further expanding its healthy snacking portfolio into organic and gluten-free products, creating a truly diversified premium snacks player. Investcorp’s knowledge and expertise in bringing together family run businesses proved instrumental in the acquisitions, further expanding Tyrrells’ global reach. Investcorp also oversaw significant investments in Tyrrells’ manufacturing capacity and brand. Completion of the sale is subject to competition clearance.
Carsten Hagenbucher, Managing Director in Investcorp’s European Corporate Investment team, commented: “Tyrrells is a great British success story which we’ve been delighted to play a part in. Three years ago we saw the opportunity to export a fantastic domestic brand and that has been our focus, through two transformative acquisitions – both of which were proprietary deals – and by driving growth in the UK and many international markets. We wish David and his team the best of luck in this new chapter.”
David Milner, Chief Executive of Tyrrells, said: “From the outset when Tyrrells was acquired by Investcorp we projected ambitious growth strategies and that’s exactly what we have delivered. It has been a hugely successful partnership resulting in a business which is in great shape for further international expansion.”
Investcorp’s sale of Tyrrells is its ninth exit in Europe in the last twelve months, following the sale of GL Education to Levine Leichtman Capital Partners; the sale of CSIdentity to Experian; the flotation of Asiakastieto on Nasdaq Helsinki; the sale of Denmark’s Icopal to GAF; the sale of N&W to Lone Star Funds; the ultimate full sale of Skrill Group to Optimal Payments (now renamed Paysafe Group plc); the flotation of Sophos Group plc on the London Stock Exchange and the complete exit of a minority stake in spare part distributer, Autodistribution.
Investcorp was advised on the transaction by Houlihan Lokey with Shearman & Sterling LLP acting as legal counsel. Jefferies LLC served as financial advisor and Goodwin Procter LLP acted as legal counsel to Amplify.