By Daniel Hunter

Tyrells, the snack food business famous for its vegetable crisps, has been sold to an alternative investment fund in a deal said to be worth £100 million.

Investcorp have acquired the Midlands-based firm for almost three times the £30 million Langholm Capital paid founder William Chase for the business in 2008.

The company, which was awarded its first Queen’s Award for Enterprise in April, employs 270 people and generates in excess of £100m retail sales value.

"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. We are excited about partnering with Tyrrells' entrepreneurial management team to accelerate the international expansion and to build a world-class business," Carsten Hagenbucher, principal in Investcorp's European corporate investments team, said.

David Milner, Chief Executive of Tyrrells, said: "Investcorp's wealth of experience in supporting premium businesses executing their ambitious growth strategies will be invaluable. At Tyrrells, we have exciting plans to leverage our differentiated, high quality brand both at home as well as abroad. Investcorp is the ideal partner to help accelerate our growth momentum."

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