Soup maker TSC in buy-out

TSC Foods, a UK manufacturer of chilled and frozen soups and sauces, has been sold for £24 million in a private equity-backed buy-out.

Humberside-based TSC, which was founded in 1991, was sold to a buy-in management buy-out (BIMBO) team backed by “equity gap”-focused investor Key Capital Partners and Yorkshire Bank.

The BIMBO sees Jonathan Skofic, a former executive at NASDAQ-listed Cott Beverages, become the new managing director of TSC, which supplies its products to supermarket group Morrisons and is behind the Glorious soups range, endorsed by celebrity chef Marco Pierre White.

The vendors were advised by Livingstone Partners, whose director Tom Phipps comments, ‘The sale of TSC Foods highlights the resilience of the food and beverage sector over more cyclical markets.’

The deal provides an exit for TSC’s co-founders Bill Morran and Brian Dahl.

Nick Britton

Nick Britton

Nick was the Managing Editor for when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...