Valeo Foods Group has completed its £100m-plus ($128m) takeover of the confectionery manufacturer Tangerine.
The deal, reported in ConfectioneryNews, and subject to approval by the Competition and Markets Authority (CMA), sees Tangerine join up with Ireland-based Valeo Foods’ other confectionery brands including Big Bear, maker of Fox’s Glaciers, Poppets and XXX mints.
Valeo chief executive Seamus Kearney said: "We are very excited about the acquisition of Tangerine which is in line with our strategic focus and builds on our recent acquisition of Big Bear Confectionery and Candy Plus in 2017.
"Tangerine is highly complementary to these confectionery businesses, with a focus on largely different technologies, channels and customers. We look forward to adding Tangerine's iconic brands to our growing portfolio of category-leaders."
Tangerine is headquartered in Pontefract, Yorkshire and has factories across the North of England. The company currently employs approximately 1,200 staff.
Growing markets
It is well-known in the UK and has also developed growing markets across Australia, Canada, Scandinavia, the US and the Middle East. Tangerine’s brands include Refreshers, Dip-Dab and Sherbert Fountain.
Fast-growing Valeo purchased Big Bear in 2017, and its acquisition of Tangerine is its twelfth by the Capvest-owned consumer group.
Tangerine Confectionery CEO, Anthony Francheterre said: “This is an exciting development for our business as this acquisition will further accelerate the growth momentum behind Tangerine’s iconic brands.
“Tangerine and Valeo share a strong entrepreneurial culture and a shared focus on adaptability, innovation and agility and we look forward to being part of an ambitious and fast growing international food business.”
