USA: Amplify Snack Brands acquires Tyrrells in $390 million deal
Amplify Snack Brands, the producer of SkinnyPop popcorn, crisps and other snacks crisps, has announced that it will acquire UK based crisps and snack maker Tyrrells for £300 million ($390 million).
The Amplify deal is the third time Tyrrells has been sold, with the company having first been purchased by Langholm Capital in 2008, followed by private equity firm Investcorp for $130 million in 2013. According to a report in the Guardian, Tyrrells' sales have more than doubled under Investcorp’s ownership, and the firm now exports its products to more than 37 countries, with overseas business having increased to 40% from 20% three years ago.
Commenting on the deal, Amplify said the transaction would create a large and diversified pure-play international better-for-you snack food company.
“Together, Amplify and Tyrrells will partner to create a truly unique international Better-For-You snack food leader that can continue to drive robust future revenue and earnings growth,” said Amplify president and CEO Tom Ennis. “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. We welcome David Milner and his team, and look forward to the opportunity to increase our operating scale, international reach, and product and brand diversity as we capture revenue synergies. We plan to capitalize on each company’s market leadership and sales forces to drive higher revenue growth than either company could independently accomplish”.
Source: Amplify Snack Brands / The Guardian