Mon, 18 Oct 2010 | BUSINESS SALE
The manufacturer behind Butterkist popcorn has drafted in investment bank NM Rothschild to assist in an exploration of finance options to include a sale.
Tangerine Confectionary is responsible for well-loved sweet brands Sherbert Fountain, Dib Dabs, Refreshers, Barratts wine gums and Butterkist popcorn. It operates from seven factories all situated in the North of England and has about 1,500 employees.
Owned by Growth Capital Partners, formerly part of Close Brothers, new funds are now being sought to invest in the business and to look into future acquisitions. A potential Stock Market listing is also in the pipeline.
Rothschild is believed to be discussing the sale of Blackpool-based Tangerine with private equity firms and options include a purchase of the whole business or a stake holding.
Tangerine’s revenues have shot up from £64 million in 2007 to £155 million for the year ending 31 December, 2009.
This strong performance is considered by the firm to be due to tight cost controlling and its £58 million acquisition of Butterkist manufacturer Monkhill Confectionery from Cadbury in 2008. The public’s love of nostalgic sweets has also been attributed to the improved sales.
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