UK: Private equity firm buys into Tyrrells
Private equity group Langholm Capital has bought a majority stake in upmarket UK crisp maker Tyrrells.
The deal, which will see Tyrrells founder Will Chase retain a "significant stake" in the business, values the company at around GBP40m (US$79.5m).
Les Sayers, managing director of M&J Seafood, a division of UK food distribution business Brake Brothers, will join Tyrrells as CEO.
Industry watchers have speculated that an injection of capital would allow Tyrrells to boost production. The group recently refused to supply Tesco as it was believed that it would be unable to meet demand.
"We are certainly meeting current demand," a Tyrrells spokesperson told just-food today (14 April). "But we can't confirm either way whether we are looking to increase production."
Langholm specialises in mid-market buyouts. It was the private equity group behind the acquisition of UK muesli business Dorset Cereals in 2005, which it sold on last month for GBP50m, netting a four-fold return on its investment.
Commenting on the deal, Chase said that he believed the partnership with Langholm would aid the brand's growth.
"I am delighted to partner with Langholm Capital, whose experience of building fast growth brands, like Dorset Cereals, will be invaluable to Les and the team in the next phase of Tyrrells' development," he said.
Last year Tyrrells booked annual sales of GBP13m.
Despite the GBP50bn (US$88bn) bank rescue package announced this morning (8 October) by the UK government, the crisis in the financial markets is still making its presence felt on the UK high street. ...
Private equity groups may be seen as asset-stripping predators but Langholm Capital clearly believes it is representative of a different breed, and its recent track-record in the food industry appears...
The effects of the economic downturn on consumer spending are becoming more apparent by the day. And, as the crisis on Wall Street and stock markets round the world gathers pace, our industry is faced...
Wal-Mart is following the lead set by Tesco by testing a smaller, neighbourhood supermarket concept in the US, and the retail giant is not the only grocer to be moving in this direction. Ben Cooper re...
Dalepak Foods, the UK food group, has recalled three types of frozen spicy bean burger due to the presence of the toxin lectin in under processed kidney beans....
The melamine scandal continues to be a hot topic in this week's news as Heinz puts a stop to the use of Chinese milk, Cadbury recalls 11 products and Unilever is forced to recall a contaminated batch ...
North Downs Dairy is to re-run an advert for Pilgrims Choice after the UK cheddar brand enjoyed growth of 60.8% in the year to 7 September....
- Why personalisation will take-off in US food
- General Mills sales woes continue - analysis
- Comment: Meal kits in US - don't believe the hype
- US food next wave on display at Winter Fancy Food
- Column: Kraft Heinz, Unilever and sustainability
- Unilever 'lining up spreads sale'
- UK own-label firm Park Cakes sold in MBO
- Immigration crackdown "risk" for US dairy industry
- BRF plant suspended amid bribery allegations
- Fonterra cuts earnings forecast