Investcorp exits Tyrells in £300m deal

Investcorp, which acquired the business in August 2013 for £100m, stated that during its ownership Tyrrells' EBITDA more than doubled and employee numbers grew by 70% globally, of which 30% were new positions created in the UK. It claims international markets now account for close to 40% of sales compared to 20% three years ago.

Tyrrell also made acquisitions in Australia and Germany during Investcorp's ownership, and expanded its healthy snacking portfolio into organic and gluten-free products.

This marks Investcorp's ninth exit in Europe in the last 12 months. The previous one in May 2016 saw the GP exiting educational assessments provider GL Education to Levine Leichtman Capital Partners.

Company
Founded in 2002, Tyrrells produces hand-cooked potato and vegetable crisps, as well as snacks such as popcorn and tortilla chips. The company is based in Leominster, Herefordshire. It also operates in countries including Germany, France, the Netherlands and the US.

People
Investcorp - Carsten Hagenbucher (managing director).
Tyrrells - David Milner (CEO).

Advisers
Equity - Shearman & Sterling (legal); Houlihan Lokey (legal); Jefferies (financial due diligence).
Acquirer - Goodwin Procter (legal).

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• Topics
• Exits
• UK / Ireland
• Consumer
• United Kingdom
• Investcorp
• Trade sale