Investcorp has agreed to sell Tyrrells to the US-based Amplify Snack Brands. This exit marks the culmination of a highly successful three-year holding period for Investcorp, during which sales and EBITDA more than doubled. The value creation strategy focused on aggressive international expansion (international sales grew from 20% to 40% of total) and product diversification beyond potato crisps into popcorn and vegetable chips. For Amplify, buying Tyrrells instantly provides a global platform to launch its own US brands (like SkinnyPop) into Europe and Australia.

TYRRELLS, which reported an EBITDA margin of LOGIN in 2016, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN premium to the 10.1x average currently observed in the AgriFood sector.

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