Crisps maker Tyrrells bought by US group for £300m

An iconic British crisps maker whose growth has surged in recent years has been snapped up for £300 million by Amplify Snack Brands, a Wall Street-quoted group best known for its SkinnyPop brand.

Tyrrells is being bought by a Wall Street-quoted group. Picture: Phil Wilkinson

Tyrrells, founded on a Herefordshire farm in 2002, is an award-winning maker of premium hand-cooked potato and vegetable crisps, popcorn and other savory snacks.

The value of the business has tripled since it was acquired by Bahrain-based investment company Investcorp for £100m three years ago.

The British company said yesterday that it would “benefit from the experience and knowledge of the Amplify team who are experts in growing premium brands in North America”.

David Milner, chief executive of Tyrrells, who will become president onternational of Amplify upon completion of the transaction, said: “This is a terrific deal for Tyrrells and the team who have delivered a stellar performance over the last few years.

“As a small, UK farm-based business it is a tremendous achievement to be now part of a US publicly-traded company with the international reach to make Tyrrells a global brand.”

All other non-North American territories, including the international launch of SkinnyPop, will be managed by the existing, UK-based Tyrrells team.

Since the group was taken over by Investcorp sales and underlying earnings have more than doubled and employee numbers have grown by more than 70 per cent globally, 30 per cent of which have been jobs created in the UK.

Tyrrells had revenues of £84m in its latest financial year as it has grown organically and through acquisitions in Australia and Germany, and further expanding into the healthier snacking market, including organic and gluten-free.

International markets now account for close to 40 per cent of group revenues at Tyrrell, compared to 20 per cent three years ago.

Tom Ennis, Amplify’s president and chief executive officer, said: “Our two brands are examples of strong entrepreneurial spirit with successful track records in transforming categories and creating growth brands.

“Together we plan to capitalise on each company’s market leadership and sales force capabilities to drive higher revenue growth than either company could independently accomplish”.

Industry data shows that in the last year SkinnyPop grew revenues 35 per cent to more than $203m (£155.7m) and remains one of the fastest growing ready-to-eat popcorn brands in North America.

In the UK Tyrrells’ indulgent popcorn, Poshcorn, has become one of the biggest brands in the ready-to-eat popcorn sector.

Tyrrells Crisps recently won a Queen’s Award for Enterprise, and holds more than 64 gold Great Taste awards, more than any other premium crisp producer.

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