Butterkist maker Tangerine is hoping to double turnover to more than £300m in the next three years after getting the backing of new private equity from Blackstone Group.

This week, Growth Capital Partners sold its 40% stake in the Blackpool-based confectioner to Blackstone, which upped its stake to over 50% for an ­undisclosed sum.

In 2006, GCP backed a £10m management buyout of Toms Confectionery, which subsequently re-branded as Tangerine and the business has since quadrupled turnover from £40m to £160m.

"We want to double the size again if we can find the right opportunities," said chairman Steven Joseph. "We see this being through organic growth and potential acquisitions in the UK and Europe. We won't be sitting on our hands in terms of investing, be it by strengthening capacity in certain areas, NPD and ­market development."