Tangerine
Confectionery manufacturing
Contributing Sustainable Development Goals
Background
Our investment partnership with Tangerine began in January 2006. They are a branded and private label sugar confectionery that operates through a range of factories throughout the UK. They own a number of brands including the leading marshmallow brand, Princess, the popular Butterkist popcorn brand, the iconic Barratt Sherbet Fountain and Jameson’s chocolate confectionery. They were the largest independent confectionery manufacturer in the sector with real scale.
We partnered with them, because of their high-quality management team, their profile within the sector and their diversified customer base with limited concentration.
In July 2011 we led on the exit process resulting in a secondary MBO to Blackstone.
Strategic Clarity
Proposition
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Service Line Development - Supported strategic agenda of operational efficiency improvement and increased capacity to increase profitability
Accelerating Growth
Commercial
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M&A - We played a key role in the growth by identifying and executing a targeted acquisition strategy including Burtons and Monkhill – both identified pre-investment
Delivering the Best Outcome
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High-Quality Delivery - We played a key strategic role in securing external funding and negotiation with banks to deliver the transformational buy and build acquisitions
- The combination of operational improvement and the acquisitions led profitability to increase from £1m to £18m
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Maximising Value Through Process - Underwrote the whole deal at point of investment to deliver a flexible and effective package for management and enabled them to retain a majority equity stake