Blackstone Announces Acquisition of Tangerine

Jul 5, 2011, 00:00 AM by User Not Found
The Blackstone Group (NYSE:BX) today announced the acquisition of Tangerine, the UK’s largest independent manufacturer of sugar confectionery and popcorn. Blackstone has invested for a majority stake in the company, alongside management which has re-invested significantly in the business.

The Blackstone Group (NYSE:BX) today announced the acquisition of Tangerine, the UK’s largest independent manufacturer of sugar confectionery and popcorn. Blackstone has invested for a majority stake in the company, alongside management which has re-invested significantly in the business.

Headquartered in Blackpool, Tangerine is the UK’s largest independent manufacturer of sugar confectionery and popcorn. It owns brands such as Butterkist popcorn, the iconic Barratt Sherbet Fountain and Dip Dabs, Henry Goode’s soft eating liquorice and Princess Marshmallows. 

Lionel Assant, Blackstone Senior Managing Director said: “Blackstone’s investment in Tangerine will provide an excellent platform for growth. We are committed to building a partnership with management to take Tangerine and its brands and product range to the next level of growth, thus creating value for both the company and our investors.”

Steven Joseph, chairman of Tangerine commented: “Since 2005 we have enjoyed a positive working relationship with Growth Capital Partners and with their support, we have been able to grow our business.  I am now confident that Blackstone’s renowned experience in building stronger, more sustainable businesses through organic growth and acquisition will enable Tangerine to achieve its full potential.”

Blackstone Contact:
Helen Winning
Tel: +44 (20) 7451 4344

About Blackstone
Blackstone is one of the world’s leading investment and advisory firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, the companies we advise and the broader global economy. We do this through the commitment of our extraordinary people and flexible capital. Our alternative asset management businesses include the management of private equity funds, real estate funds, hedge fund solutions, credit- oriented funds and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com.