Blackstone Group Acquires 40% Stake in Tangerine Confectionery
Private equity firm Blackstone Group has bought a 40% stake in Tangerine Confectionery, the UK’s largest independent manufacturer of sugar confectionery and popcorn, from Growth Capital Partners for an undisclosed price. Growth Capital Partners backed a £10m management buyout of Toms Confectionery, which was subsequently renamed Tangerine Confectionery, in January 2006. Since then, Tangerine has quadrupled in size, increasing turnover from £40m to £160m.
Headquartered in Blackpool, Tangerine owns brands such as Butterkist popcorn, the iconic Barratt Sherbet Fountain and Dip Dabs, Henry Goode’s soft eating liquorice and Princess Marshmallows.
“Blackstone’s investment in Tangerine will provide an excellent platform for growth. We are committed to building a partnership with management to take Tangerine and its brands and product range to the next level of growth, thus creating value for both the company and our investors,” says Lionel Assant, senior managing director of Blackstone.
Steven Joseph, chairman of Tangerine, comments: “Since 2005 we have enjoyed a positive working relationship with Growth Capital Partners and with their support, we have been able to grow our business. I am now confident that Blackstone’s renowned experience in building stronger, more sustainable businesses through organic growth and acquisition will enable Tangerine to achieve its full potential.”
