Global alternative investment firm, Investcorp, announced it has agreed to sell Tyrrells Crisps, a UK-based maker of hand-cooked potato and vegetable crisps, to U.S.-based Amplify Snack Brands for US$392 million.

Founded in 1982 and headquartered in Bahrain, Investcorp is one of the world’s most diverse alternative investment managers with additional offices in New York, London, Abu Dhabi and Riyadh and more than $10 billion in assets, under management according to the firm’s website.

Investcorp’s turn around on Tyrrells has been rather quick and rather profitable. The firm acquired Tyrrells in August 2013 from Langholm Capital for £100 million ($130 million today). At the time Tyrrells had a workforce of 270 people and retail sale valued at £100 million.

At the time, Carsten Hagenbucher, Principal, Investcorp European corporate investment team, said in a company statement, “The premium snacks market is very dynamic and attractive. Tyrrells’ offering is unique and the business has an excellent position in the UK and a rapidly growing international footprint.”

Dynamic indeed. Founded on a farm in 2002 in Herefordshire, England, Tyrrells has seen revenue more than double over the past three years while non-UK sales have increased from 20 percent of total sales to 40 percent, according to The Guardian. The company has also broadened its product line to include gluten-free and organic snacks, popcorn and tortilla chips, and has increased its number of employees by more than 70 percent.

“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,” Mike Milner, CEO at Tyrrells told the Irish Times.

Although the sale comes on the heels of UK voters deciding to exit the EU, Hazem Ben-Gacem, head of Investcorp’s corporate investment team, told the Financial Times that the sale is uncorrelated to the socio-political atmosphere in the UK.

Tyrells currently can claim sales in 40 markets and the acquisition by Amplify will support its international expansion, while the integration will be beneficial for both companies.

“Together we plan to capitalise [sic] on each company’s market leadership and sales force capabilities to drive higher revenue growth than either company could independently accomplish,” Amplify chief executive, Tom Ennis told The Irish Times.

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Lynda Kiernan