1 Aug 2013
Investcorp, a leading provider and manager of alternative investment products, announced today that it has agreed to acquire Tyrrells Potato Crisps, the manufacturer of premium crisps and snacks from Langholm Capital for £100 million.
Founded at Tyrrells Court Farm, Herefordshire, in 2002, Tyrrells is recognised for its tasty hand cooked potato and vegetable crisps as well as exciting range of premium snacks, including popcorn and savoury nibbles. Available across an array of UK distribution channels, Tyrrells has also expanded internationally, with markets such as Germany, France, the Netherlands and North America today accounting for approximately 20% of group turnover. The company employs 270 people and generates in excess of £100 million in retail sales value.
Carsten Hagenbucher, Principal in Investcorp’s European corporate investments team, commented: “The premium snacks market is very dynamic and attractive. Tyrrells’ offering is unique and the business has an excellent position in the UK and a rapidly growing international footprint. We are excited about partnering with Tyrrells’ entrepreneurial management team to accelerate the international expansion and to build a world-class business.”
David Milner, Chief Executive of Tyrrells, said: “Investcorp’s wealth of experience in supporting premium businesses executing their ambitious growth strategies will be invaluable. At Tyrrells, we have exciting plans to leverage our differentiated, high quality brand both at home as well as abroad. Investcorp is the ideal partner to help us all at Tyrrells Court Farm accelerate our growth momentum.”
This transaction marks the busiest period in Investcorp’s 30 year history for its European Corporate Investment team. Over the last 18 months, the team has invested in six portfolio companies, including the Scandinavian luxury brand, Georg Jensen, and leading oil services provider, Hydrasun.