Bahrain’s Investcorp to sell UK food firm for $392 mln

Bahrain’s Investcorp has agreed to the sale of UK-based snack food company Tyrrells to US-based Amplify Snack Brands for $392 million, the investment firm said in a statement.

The sale of Tyrrells is Investcorp’s ninth exit in Europe in the last twelve months, and the completion of the transaction remains subject to competition clearance.

Investcorp was advised on the deal by Houlihan Lokey with Shearman & Sterling LLP acting as legal counsel, the statement added.

The Bahrain-listed firm acquired Tyrrells in August 2013 in a $131 million deal.

Last month, Abu Dhabi’s Mubadala reached an agreement to acquire a 20 percent stake in Investcorp – a two-step transaction wherein it will acquire a 9.99 percent stake in the company immediately, with a further 10.01 percent following regulatory approvals.

Write to Jerusha Sequeira at jerusha.s@argaamnews.com