Edward Billington swallows Glorious! soup firm TSC
NORTH West food company Edward Billington and Sons has gobbled-up TSC Foods – best known for its Glorious! soup brand – from its private equity owner Key Capital Partners.
It is understood the deal values Scunthorpe-based TSC Foods at more than £30m. Key Capital invested £5.65m in TSC in 2009, which valued the business at £17m.
As well as its Glorious! range of soups and sauces TSC produces and supplies private label soups and sauces to major food retailers.
Gary Blake, chief executive of the family-owned Billington Group, which has annual sales of more than £250m and 900 employees, said: “This is a fantastic acquisition for the group; we believe that TSC Foods is a perfect fit for our long term strategic vision.
“This is an exciting time for both The Billington Group and TSC Foods as we look forward to successfully delivering our strong customer focus and sharing our passion for innovation, quality & customer service.”
TSC will join Liverpool-based Billington’s food division alongside current businesses including English Provender Company, Bar Foods & Billington Food Ingredients.
Edward Billington was founded in its home city in 1858 and has interests in agriculture as well as food manufacture and operates from nine locations nationwide. Its HQ is in the Cunard Building on Water Street.
Hill Dickinson provided legal advice to Edward Billington and Son. Grant Thornton (Manchester & London) provided corporate finance advice to the company. Barclays North West UK provided corporate banking to Edward Billington and Son.
KPMG corporate finance advised Key Capital Partners on its exit.
As part of the deal, TSC will continue trading as normal with all 400 employees remaining at its North Lincolnshire base. The sale will provide KCP with a 3.5x return on investment.
Peter Armitage, investment partner at KCP, who joined TSC’s board during the investment, said: “TSC has shown impressive growth in both sales and profitability over the last few years. The management team has continued to invest in the production side of the business and developing the Glorious! brand in order to satisfy the demands of its growing customer base.
“Although it has been a pleasure working with a first-class management team it is the perfect time for us to be handing over to The Billington Group. We know the company will be in good hands.”
David Bondi, MD of TSC Foods, added: “We are looking forward to working with The Billington Group which is an excellent fit for TSC in every way.”
Other advisers to KCP included Sean Fitzgerald and Victoria Zivkovic from Manchester law firm Linder Myers.
