UK competition officials have issued their ruling on Valeo Foods Group’s move to buy local candy maker Tangerine Confectionery.
Ireland-based Valeo, the owner of brands including Poppets and Fox’s Glacier mints, swooped in August to add to its portfolio through the acquisition of Tangerine, home to Barratt, Refreshers and Dip Dab confectionery.
The UK’s Competition and Markets Authority looked into the possible impact of the deal on competition but last week gave the green light to the transaction, which had been struck for an undisclosed sum.
Tangerine had been majority-owned by private-equity firm Blackstone since 2011.
Tangerine last filed accounts at the UK’s Companies House in September this year, submitting numbers for the 12 months ending 31 December 2017. During the year, the company sold its popcorn brand Butterkist to Germany’s Intersnack.
Net sales rose 5% to GBP113.6m (US$142.7m) in 2017. EBITDA from Tangerine’s continuing operations increased 11% to GBP9.8m.
Valeo acquired Poppets and Fox’s Glacier mints late last year when it bought the confectionery business of Finland’s Raisio. The company paid Raisio EUR77m (then US$91.2m) for confectionery operations in the UK and the Czech Republic.
Valeo owns a range of brands within snacking and sweet treats, health and wellness, baking and meal ingredients, beverages and foodservice, including Balconi in Italy, Rowse in the UK, and Jacob’s, Batchelors and Odlums in Ireland.