Private equity house Key Capital Partners (KCP) has announced the sale of food manufacturer TSC Foods to Edward Billington and Son Limited.
Founded in 1991, the company produces and supplies chilled and frozen sauces, soups, entrées and dressings to the retail and food service markets.
The Billington Group is headquartered in Liverpool and is one of the UK's largest family owned businesses. It consists of a growing family of trading and manufacturing companies, with a range of products and services in the food and agriculture sectors. The group has over 150 years' of trading experience with operations across the country.
TSC will continue trading as normal with all 400 employees remaining at its North Lincolnshire base. In July 2009, KCP backed the management buyout of the business in a deal that valued the company at £17m. Since then, the company has increased turnover by almost 50% to just under £50m in the year to December 2013. The sale will provide KCP with a 3.5 return on investment.
David Bondi, managing director at TSC Foods, said: "Working with KCP has been a really good experience for TSC and the management team. 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."