The sale is to US-listed Amplify Snack Brands, which said in a statement that Investcorp and members of Tyrrells’ management team will receive £278 million in cash and 2.1 million shares of Amplify’s stock.
Investcorp bought Tyrrells, founded by farmer Will Chase in 2002, from fellow private equity house Langholm Capital for £100 million in August 2013.
Under Investcorp’s ownership the business has grown significantly, diversifying its product range from potato crisps into popcorn, tortilla chips and vegetable crisps.
The company’s sales and earnings before interest, taxes, depreciation and amortisation have doubled in the three-year period and Tyrrells has completed add-on acquisitions in Australia and Germany, with international markets now accounting for 40% of sales compared with 20% three years ago.
Amplify said it was investing with a view to boosting its international operations and broadening its customer reach.
The existing management team will remain in place and Tyrrells’ chief executive David Milner will become president of Amplify.
The deal marks Investcorp’s ninth exit in Europe in the past 12 months with the firm divesting assets including education provider GL Education and payments processor Skrill Group.
The exit comes as investments in the UK have slumped following the UK’s decision to leave the European Union. July 2016 was the second-worst July in terms of the value of deals done in the UK since 2004, with 17 deals struck worth $ 165 million, down from 20 worth $ 3.27 billion in the same period last year.