Tangerine Confectionery could be sold by its private equity owners.
The Sherbet Fountain maker, which is currently owned by Growth Capital Partners, has called in investment bank NM Rothschild to advise it on options for raising cash. The move means a sale could now be on the cards.
“Five years ago we were planning for a stock market listing around now, but we think now is probably not the right time,” Tangerine chairman Steven Joseph told the Daily Mail.
“We are looking at a listing in two years, but in the meantime we would like to raise additional capital to take the company forward.”
Tangerine has grown rapidly in the past few years and now generates annual sales of more than £150m. Its other brands include Butterkist popcorn and Refreshers.
The confectionery firm said in a statement: “Whilst plans for further growth are exciting, operating in the current difficult economic environment means the immediate focus remains on achieving the company’s financial objectives for 2010.”
Tangerine cuts CO2 and saves £200k (16 October 2010)
Focus On Confectionery (2 October 2010)