The sale represents a bumper return for existing owner Langholm Capital which paid £30m for a majority stake in the Herefordshire-based business five years ago. It is understood Investcorp beat off competition from a number of trade and financial bidders.
The company was founded in 2002 by potato farmer Will Chase who sold up in 2010.
Tyrrells has grown rapidly in recent years and has expanded into overseas markets including France, Germany, the Netherlands and the US. It is looking at expanding its manufacturing site and will take on an additional 70 staff.