Private equity firm Investcorp acquires crisps maker Tyrrells

Bahrain-based private equity firm Investcorp has entered into an agreement to acquire UK-based producer of premium crisps Tyrrells from Langholm Capital for £100m.

Tyrrells, established in 2002 and based in Herefordshire, UK, is a manufacturer of hand-cooked potato crisps as well as a range of premium snacks, including popcorn and savoury nibbles.

Its products are available across a range of UK distribution channels, and the company has also forayed into markets such as Germany, France, the Netherlands and North America, which together account for approximately 20% of group turnover.

Tyrrells exports its products to over 30 countries worldwide, employs 270 people, and generates in excess of £100m in retail sales value.

Investcorp European corporate investments principal Carsten Hagenbucher said that Tyrrells 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," Hagenbucher added.

Tyrrells CEO David Milner said: "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."

Over the past 18 months, Investcorp’s European corporate investment team has invested in six portfolio companies including the Scandinavian luxury brand Georg Jensen, and leading oil services provider Hydrasun.

In May, Tyrrells was put up for sale by UK-based private equity firm Langholm Capital, which is backed by Dutch conglomerate Unilever, for £100m.

Langholm Capital acquired a majority stake in Tyrrells from potato farmer William Chase in 2008 for £40m and expanded Tyrrells’ operations into overseas markets such as China, India, Canada and the US.

Investcorp is a leading provider and manager of alternative investment products with offices in New York, London, Bahrain and Saudi Arabia and $10.5bn in total assets under management.

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Image: Tyrrells was put up for sale by UK-based private equity firm Langholm Capital in May this year. Photo courtesy of SOMMAI / FreeDigitalPhotos.net.