Advisers tuck in to £24m food deal
NORTH West advisers and financiers have led the way in a £24m buyout of a Lincolnshire food manufacturer.
Yorkshire Bank’s Manchester-based corporate and structured finance team lent £11m to support the sale of Scunthorpe company TSC.
Manchester corporate financiers Rickitt Mitchell and Partners advised the buyout team, while Halliwells partner Dean Gormley advised Yorkshire Bank and Jon Close at DWF provided legal advice to the new management team.
The Leeds office of Manchester law firm Cobbetts advised private equity firm Key Capital Partners, which has paid £6m for a a majority stake in the business.
TCS makes soups and sauces for retailers including Morrisons. Last year it launched the Glorious! fresh soup range, which is endorsed by celebrity chef Marco Pierre White.
The company now plans to continue the roll-out of this brand across all of the grocery chains, having already established a presence in Morrisons, Waitrose and Sainsbury’s. It had a turnover of £35m last year and employs 300 people.
Peter Smith, director with Yorkshire Bank Corporate and Structured Finance, said: “TSC has seen impressive growth over the past two years through careful control of costs and its policy of developing partnerships with clients.”
