Private-equity firm Blackstone has acquired a stake in Tangerine Confectionery, the UK business behind brands like Butterkist popcorn.
Blackstone has a majority stake in Tangerine, including the 40% interest held by a second buy-out house, Growth Capital Partners, which said the confectioner had quadrupled in size during its time as a shareholder.
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Growth Capital Partners first invested in Tangerine in January 2006 and the private-equity firm said the company’s turnover had grown from GBP40m (US$64.3m) to stand at GBP160m. The period included Tangerine’s moves to buy the confectionery arm of Burton’s Foods in 2006 and the then Cadbury Schweppes’ Monkhill business in 2008.
“In just five years Tangerine has enjoyed stunning growth,” said Garrett Curran, a partner at Growth Capital Partners. “It has quadrupled in size and consolidated its position as the UK’s largest independent private-label sugar confectionary manufacturer, increasing the range of brands that it owns and the number of food retailers for whom it manufactures own brand products.”
