Amplify Snack Brands enters into definitive agreement to acquire Tyrrells

The transaction has been unanimously approved by Amplify’s board of directors. Under the terms of the £300 m transaction, Tyrrells’ current owner Investcorp and members of the Tyrrells management team will receive approximately £278 m in cash and approximately £2.1 m shares of Amplify’s common stock. Amplify expects to close the transaction by the end of the third quarter of calendar 2016.

Founded in 2002 and headquartered in Herefordshire, England, Tyrrells is a diversified, international snacking company that manufactures and markets iconic, market-leading brands like Tyrrells Potato Crisps®, in the United Kingdom, Europe and many other international markets; Yarra Valley, manufacturer of Thomas Chipman and The Wholesome Food Company brands in Australia; and Aroma Snacks, manufacturer of Lisa’s kettle chips in Germany. Importantly, the product characteristics and flavor profiles of these on-trend premium brands align with Amplify’s Better-For-You snacking strategy. With distribution across a highly diverse set of international sales channels, Tyrrells generated approximately $111 m in net sales for the last twelve months (“LTM”) ended June 30, 2016, and achieved a compound annual net sales growth rate of 23% from fiscal year 2013 to fiscal year 2016. Tyrrells is the number two player in the hand-cooked premium chip market in the UK and the number one player in France, with existing and growing penetration in other key Western European markets. Tyrrells has a strong presence across the potato chip, vegetable chip, corn chip and popcorn product categories and is supported by five international manufacturing facilities in England, Germany, and Australia.