Tangerine

Confectionery manufacturer focused on branded and own label products

Sector
Industrial
Region
North West
Date of investment
January 2006
Exit date
July 2011
GCP team members

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.

Driving Growth

  • Supported strategic agenda of operational efficiency improvement and increased capacity to increase profitability
  • We played a key role in the growth by identifying and executing a targeted acquisition strategy including Burtons and Monkhill – both identified pre-investment
  • The combination of operational improvement and the acquisitions led profitability to increase from £1m to £18m

Funding for growth

  • 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
  • We played a key strategic role in securing external funding and negotiation with banks to deliver the transformational buy and build acquisitions

More Realised Investments

Growth Capital Partners
38 Jermyn Street
London
SW1Y 6DN

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