Bahrain-based alternative investment manager Investcorp has agreed to acquire Tyrrells Potato Crisps, the UK manufacturer of crisps and snacks, from Langholm Capital for £100m ($152m).
Founded at Tyrrells Court Farm, Herefordshire in 2002, Tyrrells is recognised for its hand cooked potato and vegetable crisps as well as snacks, including popcorn and savoury nibbles.
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 oil services provider Hydrasun.
Available across an array of UK distribution channels, Tyrrells has also expanded internationally, with markets such as Germany, France, the Netherlands and North America now accounting for about 20 percent of group turnover.
The company employs 270 people and generates in excess of £100m in retail sales value.
Mohammed Al-Shroogi, president for Gulf Business at Investcorp said: “Tyrrells’ international footprint and significant growth potential makes it an attractive addition for our investment portfolio.
"The business enjoys a strong position within the UK market and has built a solid global distribution network over the years. We are delighted to partner with Tyrrells’s entrepreneurial management team and look forward to working closely with them as they continue their international expansion and growth aimed at becoming a world-class business.”
David Milner, chief executive of Tyrrells, added: “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 Farmaccelerate our growth momentum.”
Investcorp reported a 56 percent rise in full-year net income on Tuesday, aided by strong growth in fee income.
Investcorp, which expects to fully invest its $1bn Gulf fund in 2013, made a net profit of $104.9m in fiscal year 2013 ended in June, compared with $67.4m in the previous year.
Fee income at the company, which previously took luxury brands Gucci and Tiffany public, rose 40 percent to $329.5m, Investcorp said at a news conference in Dubai.