UK crisp manufacturer, Tyrrells, has agreed a deal to be bought for £300m by US snacks firm Amplify.
Amplify has agreed to pay Investcorp, the current owners of Tyrrells, around £278m in cash with the rest of the value is to be made up by shares in Amplify.
Tyrrells produces a range of vegetable and potato crisps along with a premium brand of popcorn.
The company was founded in 2002 by potato farmer William Chase because it was more profitable to make crisps than to sell potatoes to supermarkets. Chase then used the money from that, around £40m, to set up a gin and vodka distillery.
Last year Tyrrells generated around £85m in net sales, with international revenues now accounting for 40% of its sales.
Bahrain-based investment company Investcorp took over the Herefordshire-based crisp manufacturer three years ago, and the latest deal sees David Milner, the current chief executive, stay on as Amplify’s international president. Investcorp has said that the decision to sell the British-based company was not due to Brexit or the wider political situation.
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”.