Valeo Foods secures £100m deal for Tangerine Confectionery
The Irish-headquartered Valeo Foods Group has confirmed a major deal to acquire UK-based sweets manufacturer Tangerine Confectionery, which is behind a number of key British brands.
Full terms of the sale have not been released, but it has been reported that the acquisition from investment firm The Blackstone Group is reported to have been worth £100 million, with the sale being referred to the Competition and Markets Authority in the U.K for completion of the transaction.
Tangerine was founded in 2006 and is home to well-known brands such as Barratt (which sells treats such as Black Jack, Fruit Salad, Sherbet Fountain, Refreshers and Dip Dab), Taveners, Jamesons and Princess. A market-leader in the UK, the business has also developed a growing international presence across Australia, Canada, Scandinavia, the US and, more recently, the Middle East. The company employs approximately 1,200 people across five sites in the North of England.
Commenting on the transaction, Seamus Kearney, Group CEO, Valeo Foods, comments, “We are very excited about the acquisition of Tangerine which is in line with our strategic focus and builds on our recent acquisition of Big Bear Confectionery in the UK and Candy Plus in the Czech Republic during 2017.
“Tangerine is highly complementary to these confectionery businesses, with a focus on largely different technologies, channels and customers. We look forward to adding Tangerine’s iconic brands to our growing portfolio of category-leaders.”
Anthony Francheterre, CEO, Tangerine Confectionery, says, “This is an exciting development for our business, as this acquisition will further accelerate the growth momentum behind our iconic brands. Tangerine and Valeo share a strong entrepreneurial culture and a shared focus on adaptability, innovation and agility and we look forward to being part of an ambitious and fast growing international food business.”