Blackstone eyes stake in UK confectioner Tangerine
The major shareholders in Tangerine, which has a current turnover is in the region of £150m, are the management with 54 per cent of the company.
Growth Capital Partners own 41 per cent, while Toms, the Danish chocolate manufacturer, hold the balance of 5 per cent.
Last October, investment house Rothschild was appointed to look at growth options for the UK manufacturer, with the confectioner saying that might include “a new minority investor”.
Tangerine said that while it had enjoyed “a very positive partnership” with Growth Capital Partners over the last five years, it has grown to such an extent that it “far exceeds the size of business that this investor typically invests in.”
The manufacturer of Butterkist Toffee Popcorn and Barratt Dip Dabs said it is looking for “a new partner with the financial capability to support its ambitious growth plans.”
A spokesperson for Tangerine told ConfectioneryNews.com this morning that "no definitive decision" has been taken in relation to any new investment partners but added that its re-investment project was "progressing well".
"We will provide an update in due course," he said.
In 2005, Tangerine bought the confectionery division of Burtons Foods, maker of Liquorice Allsorts, and, two years later, Monkhill Confectionery from Cadbury's.
Headquartered in Blackpool, Tangerine has two factories there, in addition to manufacturing facilities in Pontefract, York, Cleckheaton, Liverpool and Poole plus a distribution centre at Holmewood, Derbyshire.
The confectioner employs over 1,300 staff.