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UK - KCP backs the £24m MBO of TSC Foods

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Key Capital Partners (KCP) has backed the management buyout of soup and sauce manufacturer TSC Foods Limited in a £24m deal. KCP invested £6m for a majority stake in the business, while Yorkshire Bank's Corporate & Structured Finance team provided senior debt facilities of £11m. Exiting shareholders have also rolled over a proportion of their consideration into loan notes and equity in the newco.

Scunthorpe-based TSC produces and supplies chilled and frozen sauces, soups, entrees and dressings to the retail and food service markets. Clients include Morrissons, Mitchells & Butlers, Whitbread and Tragus. In 2008, the company entered the branded chilled soup market through its development of the Glorious! soup range, which is endorsed by celebrity chef Marco Pierre White. TSC plans to continue the roll-out of the brand across grocery chains nationwide. The business was founded in 1991.
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