Langholm nearing exit from Tyrrells

Ellie Pullen
27 June 2013

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Langholm Capital, private equity owner of UK-based Tyrrells, is one step closer to selling the crisp maker for £100m as first round bids come to a close.

According to the Independent, Belgian family holding office Verlinvest has emerged as a front-runner for the auction-led sale of the company following the end-of-May deadline for first round bids. A number of buyout firms and trade players, including Kellogg's and UK-based Butterkist-owner Tangerine, are also reported to be in the running.

The sale price for Tyrrells sits at around £100m, a source confirmed to unquote" last month. Langholm is believed to have hired McQueens as adviser to the auction process, which is now reportedly in an advanced stage.

Langholm acquired Tyyrells in 2008 for an estimated £30-40m, according to unquote" data. Company management invested alongside the firm, as well as Barclays Bank in the form of a mezzanine debt package. Langholm acquired a significant majority stake of 67% in the company through the acquisition.

Under Langholm's ownership, Tyrrells has expanded its customer base to China and India through overseas partnerships. Company turnover hit £13m for 2008 and is believed to have sat at £28m for 2012.