Monkhill manufactures Butterkist popcorn, Barratt Sherbet Fountains and Jameson's chocolate confectionery and operates three factories and a distribution centre.
The business is expected to record revenue of £76m and a profit of £6.7m this year.
“There is no doubt that this major acquisition will significantly enhance Tangerine, creating a business with a turnover of £150m and 1,500 employees,” said Tangerine chairman Steven Joseph.
“The combined entity will have an increased selling capability and a much wider product offering. Tangerine will be able to provide the trade and consumers with the most comprehensive sugar confectionery range available,” he added.