Food manufacturer TSC Foods, responsible for the Glorious! soup brand, has been sold to family-owned business Edward Billington and Son for an undisclosed figure.
Production will continue at TSC’s Scunthorpe facility, where it produces sauces, soups and dressings for the retail and food service markets.
The company’s 400 employees will also remain as part of the deal announced today by private equity house Key Capital Partners (KCP) involving the Liverpool-based Billington Group, one of the UK’s largest family run companies.
Peter Armitage, investment partner at KCP and director of TSC Foods, said the company has been strong throughout the past few years, a period which has seen turnover increase by almost 50 per cent to just under £50m in the year up to December 2013.
Peter Armitage, investment partner at KCP and director of TSC Foods, 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.”
He added: “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 thecompany will be in good hands.”
David Bondi, managing director at TSC Foods, added: “KCP’s support has enabled us to provide all the resources needed to grow the business through innovation, service and quality, along with developing the Glorious! brand rapidly in a challenging market.”
“We are looking forward to working with The Billington Group which is an excellent fit for TSC in every way.”