US group Amplify bags Tyrrells crisps for £300m
UK crisp maker Tyrrells has agreed to be bought out by a small US snacks firm for £300m.
The company, Amplify, bought the upmarket snack company, whose products include potato and vegetable crisps.
Amplify will pay Tyrrells' current owner Investcorp about £278m in cash with the remainder in Amplify shares.
Tyrrells was founded in 2002 by potato farmer William Chase
Tyrrells started out with humble beginnings; potato farmer William Chase realised that making crisps was more profitable than selling potatoes to retailers.
He eventually sold the company in 2008 for nearly £40m, using some of the money to set up his own distillery making vodka and gin from his own potatoes.
Tyrrells generated approximately £85m in net sales last year and international revenues now account for about 40% of its sales.
The company was taken over by Investcorp, a Bahrain investment company, three years ago.
The latest deal will see current chief executive David Milner stay on as Amplify's international president.
Mr Milner said: "This is a terrific deal for Tyrrells and the team who have delivered a stellar performance over the last few years.
"As a small, UK farm-based business it is a tremendous achievement to be now part of a US publicly-traded company with the international reach to make Tyrrells a global brand".