Mon, 20 May 2013 | BUSINESS SALE
Crisps and snacks maker Tyrrells may become subject to a takeover war after being placed on the market with a price exceeding £100 million.
Its private equity owner Langholm Capital has put the business up for sale after buying it for £30 million from its founder and potato farmer William Chase in 2008.
First round bids are due in this week and may include bids from US breakfast cereal giant Kellogg’s; Calbee, a Japanese snack maker; and Blackpool-based Tangerine, which has several brands including Butterkist popcorn - all these firms are said to be attracted to the deal. Other interested parties include Hain Daniels, a US food company that owns the New Covent Garden Soup Company and bought organic baby food business Ella’s Kitchen last month.
The Herefordshire-based crisp maker, Tyrrell, is famed for using locally farmed potatoes and other vegetables for its crisps with natural flavourings, and also produces popcorn and other dry snacks. It recently won the Queen’s Award for Enterprise.
The firm has a 150-strong workforce, and exports its foods to 30 countries. The crisps have proved to be very popular in new markets such as Moscow in Russia where a packet can sell for £5.
Founder Mr Chase used the funds from the sale of his business to set up a vodka distillery. Chase vodka is now one of the top new brands on the market.
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