Amplify gobbles up posh crisp maker Tyrrells in £300m deal

UK crisp maker Tyrrells has agreed to be acquired by US-based Amplify Snack Brands in a £300m deal.

Under the terms of the deal, Tyrrells’ current owner Investcorp and members of the Tyrrells management team will receive around £278m in cash and around 2.1m Amplify shares.

The transaction, which is expected to close by the end of the third quarter, is likely to be accretive to Amplify’s 2017 and 2018 diluted earnings per share.

Herefordshire-based Tyrrells, which also makes popcorn, generated approximately $111m in net sales for the year to the end of June.

Tyrrells’ chief executive David Milner will become president international of Amplify once the takeover has gone through.

Amplify’s chief executive officer Tom Ennis said: “Together, Amplify and Tyrrells will partner to create a truly unique international Better-For-You snack food leader that can continue to drive robust future revenue and earnings growth.

“We believe that the combination with Tyrrells will create significant long-term value for all of our stakeholders. Similar to Amplify, Tyrrells has a strong entrepreneurial spirit and successful track record of transforming categories and creating growth brands.”

Headquartered in Austin, Texas, Amplify is best known for its SkinnyPop popcorn.