DOHA: Investcorp, a global provider and manager of alternative investment products, which has extensive operations in the GCC region, including Qatar, yesterday announced that it has agreed to the sale of Crisps Topco Limited (Tyrrells) to the US-based Amplify Snack Brands, Inc (Amplify) for an enterprise value of £300m (nearly QR1.42bn).
Founded at Tyrrells Court Farm, Herefordshire, in 2002, Tyrrells is a premium manufacturer of hand-cooked potato and vegetable crisps, popcorn and other savory snacks. Tyrrells has successfully built on the brand strength of its core product offering to diversify into other premium snack categories, including popcorn, tortilla chips and vegetable crisps.
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. International markets now account for close to 40 percent of sales compared to 20 percent three years ago.
Investcorp Group has offices in Bahrain, London, New York, Saudi Arabia, Abu Dhabi and Doha and has business operations three areas which include corporate investment, real estate investment and alternative investment solutions.
Under Investcorp’s ownership, Tyrrells has grown organically and through acquisitions in Australia and Germany, further expanding its better-for-you snacking portfolio into organic and gluten-free products, creating a truly diversified premium snacks player. Investcorp’s knowledge and expertise in bringing together family run businesses proved instrumental in the acquisitions, further expanding Tyrrells’ global reach. Investcorp also oversaw significant investments in Tyrrells’ manufacturing capacity and brand. Completion of the sale is subject to competition clearance.
Mohammed Mahfoodh Alardhi, Executive Chairman, said: “The sale of Tyrrells comes at a time when Investcorp is experiencing an exceptionally active period having just recently seen Mubadala Development Company acquire a 20 percent interest in the Firm. The success of Investcorp’s on-going activities is testament to our ability to create global leaders across a multitude of industries, launch companies onto significant growth trajectories and deliver undisputed value to our stakeholders.”
“Tyrrells is a great British success story, which we have been delighted to play a part in. Three years ago we saw the opportunity to export a fantastic domestic brand and that has been our focus, through two transformative acquisitions and by driving growth in the UK and many international markets,” he said.
David Milner, Chief Executive of Tyrrells, said: “From the outset when Tyrrells was acquired by Investcorp we projected ambitious growth strategies and that’s exactly what we have delivered. It has been a hugely successful partnership resulting in a business which is in great shape for further international expansion.”The Peninsula
