Hammonds’ Birmingham team has acted for Barclays Bank as funder to the private equity-backed management buyout of crisps manufacturer Tyrrells Potato Chips.
Barclays?leveraged finance provided the debt package that allowed private equity fund Langholm Capital to acquire the chips and dips business, which employs 120 people and has a turnover of £15m.
The deal saw Langholm back Tyrrells chief executive Les Sayers and founder William Chase, who retains a significant stake in the business. The buyout will enable Tyrrells, which sells crisps in 4,000 UK outlets, to expand into new markets and territories – and to expand its product line, with vodka among the new product ranges being mooted.
Banking partner Sukh Ahark, who led the Hammonds team, said: “This was a really rewarding deal to be involved in, especially given the tight timescales faced by all parties in which to complete. The business has been a success story right from the beginning.”
Mayer Brown advised Langholm Capital Partners, with corporate partner Alistair Bird and finance partner Nigel Wright leading the team. HBJ Gateley Wareing’s Birmingham team led by corporate partner Simon Gill acted for Chase.