Amplify gobbles up posh crisp maker Tyrrells in £300m deal

Tyrrells was founded in 2002 at Tyrrells Court Farm in Herefordshire.

Tyrrells is best known for its range of high-end crisps and the Poshcorn popcorn brand.

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 percent globally, 30 percent of which were new employee positions created in the UK.

Tyrrells, which has expanded rapidly internationally, has raked in £84 million in revenues over the past 12 months. Worldwide markets now account for close to 40 percent of sales compared to 20 percent three years ago.

Amplify owns the SkinnyPop brand in the United States, and is a major player in the USA snack food sector. “Similar to Amplify, Tyrrells has a strong entrepreneurial spirit and successful track record of transforming categories and creating growth brands”.

Amplify chief executive Tom Ennis said: “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”. In the previous year SkinnyPop grew 35.3 per cent to more than $203m and remains one of the fastest growing ready-to-eat popcorn brands in North America.

In May, Tyrrells bought a German organic crisp maker as part of its ambition to become the “biggest premium snack brand in the world”. All other non-North American territories, including the worldwide launch of SkinnyPop, will now be managed by Tyrrells’ UK team.

Under the terms of the deal, Tyrrells’ current owner Investcorp and members of the Tyrrells management team will receive around £278m in cash and around 2.1m Amplify shares.

Tyrrells’s Chief Executive said the deal would allow Tyrrells brands to accelerate growth in the USA and increase the presence of SkinnyPop and other Amplify brands in the worldwide marketplace.