Capvest's Valeo acquires Blackstone-backed Tangerine

Kenny Wastell
10 August 2018

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CapVest portfolio company Valeo Foods has acquired Tangerine Confectionery from Blackstone.

The deal value remains undiscolsed, though Unquote understands that a report by Sky News stating that the transaction values the business at more than £100m is broadly accurate.

The deal comes eight months after Valeo acquired the confectionery divisions of listed Finnish food business Raisio in a deal with an enterprise value of €100m. The Raisio acquisition was the ninth made by Valeo since its foundation in 2010, and comprised the acquisition of Big Bear Confectionery, Nimbus Foods and Candy Plus.

Valeo was founded by CapVest in 2010, following the acquisition of Batchelors and Origin Foods, previously a division of AIM-listed Origin Enterprises. The following year, the group acquired Jacob Fruitfield Food Group, before bolting on UK honey brand Rowse in 2014. In April 2017, Valeo acquired Italian bakery business Dolciaria Val d'Enza from buyout house Alto Partners.

Blackstone declined to comment on the deal valuation or returns generated from the sale. A spokesperson for Valeo Foods also declined to comment.

Previous funding
Tangerine first received PE backing in 2006, when Growth Capital Partners (GCP) backed the £10m management buyout of the business from Toms of Denmark. Blackstone then acquired GCP's 40% stake in the company in a 2011 deal worth more than £100m.

Company
Tangerine produces confectionery under brand names including Barratt, Lion, York Fruits, Henry Goodes and Squirrel. Its products include Black Jack, Refreshers, Dip Dab, Fruit Salad, Wham and Nougat.

People
Tangerine Confectionery – Anthony Francheterre (CEO).
Valeo Foods – Seamus Kearney (CEO).