Livingstone cooks up deal for TSC Foods
July 2009
Livingstone Partners’ Consumer team is pleased to announce it has successfully advised the shareholders of TSC Foods, the UK’s leading independent manufacturer of high quality chilled and frozen soups and sauces, in a £24m sale to a buy-out, management buy-in team, backed by Key Capital Partners and Yorkshire bank.Established in 1991, Scunthorpe-based TSC has also diversified into entrées, dressings, marinades, risottos and meal solutions for the foodservice and retail markets. The Company’s customers extend from large blue-chip pub groups and restaurants, to smaller niche retailers across the UK. TSC is also the sole supplier of private label soups and sauces to major UK supermarkets group Morrisons.
TSC has also established a presence in the branded soup sector via the development of its Glorious! fresh soups range, endorsed by celebrity chef Marco Pierre White. Glorious! is now available in Morrisons, Waitrose and Sainsbury’s, with plans for a further roll-out of the brand into other grocery retailers. TSC has a state-of-the-art production facility, with significant spare capacity to deliver this further growth.
Patrick Groarke, the Livingstone partner who led the deal, commented: “We are delighted to have completed yet another food sector transaction and particularly a sale to private equity in these uncertain times.”
Tom Phipps, director at Livingstone Partners, adds: “The sale of TSC Foods to management proves that even in an extremely challenging market, successful businesses continue to attract private equity and bank support, and highlights the resilience of the food and beverage sector over more cyclical markets.”
Bill Morran, exiting Managing Director of TSC says:”TSC is in great shape to both ride out the current economic conditions and also take advantage of a wealth of opportunities that further exist to it. We have always valued our management team and their buy-out is a just reward for all of their hard work.”
For further information contact
Patrick Groarke
020 7484 4707
pgroarke@livingstonepartners.co.uk
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