AUSTIN, TEXAS — Amplify Snack Brands, Inc., owners of the SkinnyPop and Paqui snack products, has entered into an agreement to acquire Crisps Topco Limited and Subsidiaries, Herefordshire, England, manufacturers of Tyrrells snack products sold throughout the United Kingdom, Europe and Australia for £300 million ($391.9 million).
Founded in 2002, Crisps Topco is a diversified, international snack company that sells a variety of items under the Tyrrells brand, including potato crisps, vegetable chips and tortillas. The company generated approximately $111 million in sales during the past 12 months, ended June 30, according to Amplify Snack Brands.
Under the terms of the agreement, the owners of Crisps Topco will receive $363 million in cash and approximately 2.1 million shares of Amplify’s common stock. Amplify’s management expects to close the transaction by the end of the third quarter of calendar 2016 and that it will be accretive to both the company’s 2017 and 2018 earnings per share.
|Tom Ennis, president and c.e.o. of Amplify Snack Brands|
“We believe that the combination with Tyrrells will create significant long-term value for all of our stakeholders,” said Tom Ennis, president and chief executive officer of Amplify Snack Brands. “Similar to Amplify, Tyrrells has a strong entrepreneurial spirit and successful track record of transforming categories and creating growth brands.”
Tyrrells’ management team will remain in place with David Milner, the chief executive officer of Tyrrells stepping into the new role of president of international for Amplify.
|David Milner, c.e.o. of Tyrrells|
“We were lucky enough to be able to choose our long-term partner and this partnership provides a significant opportunity to accelerate sales growth for Tyrrells’ brands in the United States, as well as the scope for Amplify’s brands in the international marketplace,” Mr. Milner said. “Building upon the strength of each of our respective customer relationships and leveraging Tyrrells’ manufacturing capabilities, we shall be entering new territories as well as broadening our reach in existing markets.”