KCP generates 3.5x on TSC Foods sale
Key Capital Partners (KCP) has sold TSC Foods, the maker of Glorious! Soups, to Edward Billington and Son, reaping a 3.5x return.
KCP acquired the company in 2009, investing £17m as part of a £24m management buyout. Under KCP's stewardship, TSC's turnover has increased by almost 50% to just less than £50m.
Company
Based in Scunthorpe and founded in 1991, TSC produces chilled and frozen sauces, soups, starters and dressings to the retail and food services markets. It is best known for its brand of Glorious! Soups, which are sold in supermarkets.
The company employs 400 people at its site in North Lincolnshire.
People
Peter Armitage is investment partner at KCP and director of TSC. David Bondi is managing director of TSC.
Advisers
Company – KPMG, Christian Mayo, Giles Taylor, James Murray (Corporate finance).
Vendor – Linder Myers, Sean FitzGerald, Victoria Zivkovic (Legal); Grant Thornton, Will Oxley, Andrew Baldwin (Financial due diligence).
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