Valeo Foods is set to buy United Kingdom-based Tangerine Confectionery from private equity firm Blackstone Group for $127.6 million, according to media reports.
Tangerine Confectionery produces sweets under brands such as Dip Dab, Black Jack and Sherbet Fountain at five factories throughout the United Kingdom. Blackstone acquired Tangerine Confectionery in 2011 from Growth Capital Partners.
Valeo Foods, based in Dublin, Ireland, makes biscuits and confectionery items under brands including Jacob’s, Balconi and Dolce di Costello, as well as XXX Mints, Fox’s and Poppets, which it acquired from Raisio earlier this year. Valeo’s annual sales have topped €800 million ($906 million).
Launched in 2005, Tangerine Confectionery was formed through a series of acquisitions, according to the company’s website. It first acquired the U.K. confectionery division of Toms of Denmark, which produced boiled sweets, marshmallows, gums, jellies and toffees. Later that year, Tangerine acquired the confectionery division of Burtons Foods and its modern facility in Blackpool, which made gums, jellies and licorice allsorts.
In 2007, Tangerine acquired Monkhill Confectioner, expanding its boiled sweets and licorice offerings and adding popcorn to its portfolio.