Amplify Snacks Brands Inc. (NYSE: BETR) has agreed to purchase potato chips and popcorn manufacturer Tyrrells from Investcorp for about £300 million ($391 million). Financial deal terms call for Amplify to pay the sellers around $362 million in cash and 2.1 million shares in common stock.

Tyrrells, founded in 2002 and based in Herefordshire, England, is known producing popcorn, potato chips and tortilla chips under the Tyrrells brand. The target generated $111 million in net sales for the 12 months ended June 30. The transaction will allow Tyrrells to grow in the U.S., while it gives Austin, Texas-based Amplify a chance to expand globally. Amplify owns the Oatmega protein bars, Paqui tortilla chips and the SkinnyPop popcorn brands. Amplify went public in 2015.

“We were lucky enough to be able to choose our long-term partner and this partnership provides a significant opportunity to accelerate sales growth for Tyrrells’ brands in the United States,” says Tyrrells CEO David Milner. Investcorp acquired Tyrrells in 2013.

The snacks segment of the food sector has seen robust deal activity and M&A in the industry expected to remain strong. Clearlake Capital Group acquired a stake tortilla chips maker That’s How We Roll LLC; The Hershey Co. (NYSE: HSY) bought chocolate pretzels maker Ripple Brand Collective LLC; and Hormel Foods Corp. (NYSE: HRL) purchased nut butter producer Justin’s LLC.

Jefferies LLC and Goodwin Procter LLP are advising Amplify. Houlihan Lokey Inc. (NYSE: HLI) and Shearman & Sterling LLP are advising Investcorp and Tyrrells.

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