Investcorp buys snack manufacturer Tyrrells for £100m

Investcorp was attracted by current prospects for the premium snacks market, as well as Tyrrells' UK market position and growing international presence. The GP stated it will notably look to help Tyrrells accelerate its international expansion.

Previous funding
Langholm Capital acquired Tyrrells in 2008 – the management buyout was said to be worth in excess of £30m at the time. Langholm took a majority interest in the business, with the balance of the equity being held by hitherto owner Will Chase and the management team. The transaction was supported by a combined senior debt and mezzanine package provided by Barclays Leverage Finance.

At the time of the original buyout, Tyrrells employed 102 staff and generated sales of £13m – against 270 staff and £100m in retail sales value today.

Company
Founded in 2002, Tyrrells produces hand-cooked potato and vegetable crisps, as well as snacks such as popcorn. The company is based in Leominster, Herefordshire – it generates 20% of its turnover outside of the UK, in countries including Germany, France, the Netherlands and the US.

People
Carsten Hagenbucher represented Investcorp on the deal. David Milner is CEO of Tyrrells. Langholm's Sharon Gardner and Oliver Wyncoll represented the GP on Tyrrells' board prior to the SBO.

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• Topics
• UK / Ireland
• Consumer
• Buyouts
• Exits
• United Kingdom
• Investcorp
• Langholm Capital Partners LLP
• Secondary buyout