Potato crisp producer Tyrrells has strengthened its presence in the Asia-Pacific region with the acquisition of Australian snack foods manufacturer Yarra Valley.
Two years after Tyrrells’ sale to Investcorp and fifteen months since the brand launched in Australia, the expansion provides the opportunity to accelerate the international growth of the Tyrrells brand, the company said. “Both companies share a philosophy and passion for quality and provenance,” it added.
This is the first time the brand has acquired an international business and located production outside the UK, as it seeks to propel the brand further across the Asia-Pacific market and build upon its average year-on-year growth rate of 20%. Financial terms of the deal have not yet been disclosed.
Based in the Yarra valley near Melbourne, Yarra Valley Snack Foods is a fast-growing premium snacks business making natural, organic and gluten-free snack products.
Following the initial launch of Tyrrells in Coles supermarkets in April 2014, Australia is now Tyrrells’ second largest international market after France. The company’s global presence now accounts for approximately a quarter of its total turnover, and this latest move will provide it with a base from which to develop further opportunities through Asia.
Tyrrells CEO David Milner 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, where consumers value well-made food with provenance. From working with family farms through to sourcing the best tasting, natural ingredients, we’re delighted to be expanding in a market famous for its food manufacturing credentials.”
Yarra Valley Snack Foods managing director Andrew Blain added: “The alignment between Tyrrells Potato Crisps and Yarra Valley Snack Foods is positive news for the food manufacturing industry in Australia. Moreover, it represents a strong vote of confidence in the innovative work already being done by Yarra Valley Snack Foods. We are extremely excited by the opportunities that lie ahead and look forward to working with the team at Tyrrells.”
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