Tangerine

Confectionery manufacturer focused on branded and own label products

  • Sector: Food
  • Location: North West
  • Date of investment: Jan-06
  • GCP board member: Garrett Curran

About

  • Manufactures both branded and private label sugar confectionery and operates across seven factories throughout the UK
  • Owns a number of its own brands including the leading marshmallow brand, Princess, the popular Butterkist popcorn brand, the iconic Barratt Sherbet Fountain and Jameson’s chocolate confectionery

Why we invested

  • High quality incoming management team led by Steven Joseph, to supplement incumbent operations staff
  • Attractive deal dynamics where price was a discount to net assets
  • Diversified customer base with limited concentration
  • Largest independent confectionery manufacturer in the sector with real scale

How we made a difference

  • 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
  • Supported strategic agenda of operational efficiency improvement and increased capacity to increase profitability
  • GCP played a key role in the growth by identifying and executing a targeted acquisition strategy including Burtons and Monkhill – both identified pre-investment
  • Key strategic role in securing external funding and negotiation with banks to deliver the Monkhill deal
  • Led exit process with management resulting in a secondary MBO to Blackstone

They backed our strategic vision to grow through investment and acquisitions and have never wavered in their support.

Steven Joseph Executive Chairman, Tangerine Confectionery