Tangerine to change hands in £100m deal

Blackpool's Tangerine Confectionery, the manufacturer of a range of iconic sweet treats, is to be bought by Valeo Foods in a deal worth around £100m.

Tangerine, which has featured in both Lancashire Business View's Hot 100 list of most profitable SMEs and Big 50 list of highest-grossing companies, is currently owned by private equity firm Blackstone.

Valeo, which is based in the Republic of Ireland and operates in 90 markets around the world, will take control of retro sweet names including Dip Dab, Fruit Salads and Blackjacks.

They will join Big Bear Confectionery, manufacturer of Poppets and Fox’s Glacier Mints, which Valeo purchased for close to £100m last year.

The purchase includes Tangerine's Blackpool headquarters and additional production sites in Liverpool, York, Pontefract and Cleckheaton. The deal will bring the group's revenues up to £800m. Last year, Tangerine sold its Butterkist popcorn brand to KP Snacks for an undisclosed amount. The sale to Valeo is expected to complete in the following few weeks.