The Blackstone Group (NYSE:BX) today announced the acquisition of Tangerine, the UK’s largest independent manufacturer of sugar confectionery and popcorn. Blackstone has invested for a majority stake in the company, alongside management which has re-invested significantly in the business.
Headquartered in Blackpool, Tangerine is the UK’s largest independent manufacturer of sugar confectionery and popcorn. It owns brands such as Butterkist popcorn, the iconic Barratt Sherbet Fountain and Dip Dabs, Henry Goode’s soft eating liquorice and Princess Marshmallows.
Lionel Assant, Blackstone Senior Managing Director said: “Blackstone’s investment in Tangerine will provide an excellent platform for growth. We are committed to building a partnership with management to take Tangerine and its brands and product range to the next level of growth, thus creating value for both the company and our investors.”
Steven Joseph, chairman of Tangerine commented: “Since 2005 we have enjoyed a positive working relationship with Growth Capital Partners and with their support, we have been able to grow our business. I am now confident that Blackstone’s renowned experience in building stronger, more sustainable businesses through organic growth and acquisition will enable Tangerine to achieve its full potential.”
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