By Staff writer
Bahrain investment firm says it has overseen major transformation at UK manufacturer of crisps, popcorn
Bahrain-based Investcorp on Monday announced it has agreed to the sale of Crisps Topco Limited (Tyrrells) to Amplify Snack Brands Inc for £300 million ($391.4 million).
Tyrrells is a UK-based premium manufacturer of hand-cooked potato and vegetable crisps, popcorn and other savoury snacks which was acquired by Investcorp in August 2013 for £100 million.
Since then, Investcorp said it 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.
Mohammed Mahfoodh Alardhi, executive chairman, Investcorp, 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."
David Milner, chief executive of Tyrrells, added: "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."
Investcorp said the sale of Tyrrells is its ninth exit in Europe in the last 12 months.