Tyrrells’ chief executive David Milner will become president global of Amplify once the takeover has gone through. “As a small, United Kingdom farm-based business it is a tremendous achievement to be now part of a U.S. publicly-traded company with the worldwide reach to make Tyrrells a global brand”.
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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% globally, 30% of which were new employee positions created in the UK.
The transaction will allow Tyrrells to grow in the USA, while it gives Austin, Texas-based Amplify a chance to expand globally.
Amplify owns the SkinnyPop brand in the U.S., and is a major player in the USA snack food sector.
The deal is the third sale of Tyrrells since it was founded 14 years as a sideline business 14 years ago by William Chase, who was then a struggling Herefordshire potato farmer. “Similar to Amplify, Tyrrells has a strong entrepreneurial spirit and successful track record of transforming categories and creating growth brands”.
In the past year, the Herefordshire-based crisp maker has expanded with acquisitions in Australia, including the Melbourne-based Yarra Valley Snack Foods, and Germany. Global revenues from markets such as Germany and Australia now account for 40% of its sales.
About Amplify Snack Brands, Inc.Headquartered in Austin, Texas, Amplify Snack Brands is a high growth snack food company focused on developing and marketing products that appeal to consumers’ growing preference for Better-For-You (BFY) snacks. It remains one of the fastest growing ready-to-eat popcorn brands in North America.
Tyrrells CEO David Milner said the firm was “in great shape for further worldwide expansion” following the deal.
“Together, Amplify and Tyrrells will partner to create a truly unique worldwide better-for-you snack food leader that can continue to drive robust future revenue and earnings growth”, said Amplify president and chief executive officer Tom Ennis.
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Tom Ennis, Amplify’s President and Chief Executive Officer, said: “The product characteristics and flavour profiles of Tyrrells on-trend premium brands align with Amplify’s Better-For-You snacking strategy”.
