A Food Manufacture source confirmed an agreement had been reached between Tangerine Confectionery’s private equity owner Blackstone and Valeo that encompassed the entire business, including production rights.
The plants are located in Pontefract (specialising in liquorice, gums and nougat production); York (where Mint Humbugs are made, among other products); Blackpool (where Wine Gums and Fruit Pastilles are made); Cleckheaton (home to its Lion brand); and Liverpool (this site makes Taverners and Princess Marshmallows), employing more than 1,000 staff.
Fox’s Glacier Mints
The deal follows Valeo’s 2017 acquisition of Raisio Plc’s Big Bear Confectionery division, embracing brands such as Fox’s Glacier Mints, XXX Mints, Poppets and Pedro. Valeo is partly owned by CapVest, another private equity firm.
Tangerine supplies grocery, wholesalers and cash & carry, discounter, forecourts and independent retailers internationally with a range of confectionery brands.
Tangerine was set up a mere 13 years ago in 2005, when a management team with an established history in the confectionery industry acquired the UK confectionery division of Toms of Denmark.
The facilities manufactured boiled sweets, marshmallows, gums and jellies and toffees. Later that year, Tangerine acquired the confectionery division of Burton’s Foods and its facility in Blackpool, which made gums and jellies and Liquorice Allsorts.
Two years later, the business acquired Monkhill Confectionery. The two facilities in Pontefract and Monkhill’s York and Cleckheaton sites meant that alongside expanding its boiled sweets and liquorice provision, Tangerine was able to add popcorn to its portfolio.
This helped it to become one of Europe’s largest sugar confectionery businesses and a leader in popcorn. Tangerine sold Butterkist to Intersnack in 2017.
Valeo is even younger than Tangerine, having been founded in 2010. Since then it has successfully completed multiple acquisitions across Ireland, the UK and Continental Europe and owns brands and products including Jacob Fruitfield, Rowse Honey and Balconi. It is active in more than 90 global markets.
All parties had not issued statements at the time this article was published.