Irish food manufacturing and marketing firm Valeo Foods Group recently acquired UK-based Tangerine Confectionery, a manufacturer of sugar candies, for about $128 million, further strengthening the company’s portfolio of candy products, reports said.
With the sale, Valeo will assume ownership of all of the firm's classic candy brands including Black Jack, Barratt, and WHAM and five manufacturing plants in the UK. Sky News reported that Tangerine’s owner, private equity firm Blackstone, formed a deal with Valeo to shed the business, noting that the transaction is occurring at a time when confectionery manufacturers face strong headwinds amid the growth of health eating trends.
The deal has not been officially confirmed by either of the companies, according coverage by Food Manufacture.
Valeo, formed in 2010, purchased several candy brands from Finish food firm Raisio this year. In July 2017, Tangerine sold its popcorn brand Butterkist to Intersnack Group-owned KP Snacks, including its manufacturing site in Pontefract, West Yorkshire.