Houlihan Lokey Advises Tangerine

Houlihan Lokey is pleased to announce that it advised private equity funds managed by Blackstone on the sale of Tangerine Confectionery Ltd to Valeo Foods Group. The transaction closed on 21 August 2018.

Tangerine is the leading UK independent sugar confectionery manufacturer offering an extensive range of children's sweets, traditional, and contemporary adult confectioneries. The company's portfolio comprises a broad range of iconic heritage UK brands, such as Barratt, Wham, Dip Dab, Refreshers, Taveners, and Henry Goode's, among others. Tangerine operates five manufacturing sites in the north of England and commercialises its products across all channels, including grocers, wholesalers, and discounters. The company was acquired by Blackstone in 2011 and currently employs more than 1,200 people.

Blackstone is one of the world's leading investment firms. Its asset management businesses, with approximately $440 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets, and secondary funds, all on a global basis.

Headquartered in Dublin, Ireland, Valeo Foods is a fast-growing international consumer foods business established in 2010. Valeo Foods has been at the forefront of consolidation in the ambient food sector in Europe, successfully establishing significant operating platforms in Ireland, the UK, and Continental Europe. This has been achieved through the strategic acquisition of 12 leading food businesses, growing its annual sales over the period by more than five times to €870 million and its workforce to almost 3,000. Tangerine is the latest of these acquisitions.

Houlihan Lokey served as exclusive financial advisor to the sellers and negotiated all aspects of the transaction while also executing a targeted lender education. The transaction demonstrates Houlihan Lokey's strong credentials in the confectionery space.