Upmarket crisps maker Tyrrells is speeding up its global expansion after announcing its acquisition of Melbourne-based organic snacks company Yarra Valley Snack Foods.
Tyrrells launched a range of products in Australian supermarket Coles in April last year, and says the purchase will “accelerate the international growth”.
It reported a net worth of over £26m last year, and trades in more than 30 countries worldwide, achieving overseas earnings growth of 113 per cent over three years.
According to the latest set of accounts, profits before exceptional items at Tyrrells have risen to £7.9m, up from £6.7m the year before.
Neither company has disclosed the sum Yarra Valley Snack Foods was sold for.
For the past three years, Tyrrells has been entered in the Sunday Times HSBC International Track 200 – a list of the UK’s mid-market private companies with the fastest rate of growth based on international sales.
Tyrrells, backed by Dubai-based luxury brands investor Investcorp, will invest in Yarra Valley Snack Foods’ manufacturing capabilities to make it the first Tyrrells manufacturing base outside the UK.
Tyrrells chief executive David Milner said the two companies shared many similarities. He said: “This acquisition demonstrates that we are serious about international expansion for the Tyrrells brand. Our hand-cooked crisps have been extremely well received in Australia.”