The maker of a brand of soups endorsed by celebrity chef Marco Pierre White has been bought by Key Capital Partners, the Leeds-based private equity group, showing that dealmakers are still hungry to acquire food and drinks companies.

TSC Foods, the maker of chilled and frozen soups and sauces, has agreed to a £24m buy-out led by KCP and Jonathan Skofic, a former Cott Beverages executive, who will take over as managing director.

The defensive nature of the food and beverage industry means that banks are more willing to finance leveraged buy-outs in the sector than in more risky areas, such as retail or manufacturing.

Another food company that has been put up for sale is GU, the maker of luxury chilled desserts, which has attracted interest from private equity groups and strategic bidders.

TSC is being bought with £6m of equity from KCP and an £11m loan from Yorkshire Bank. The rest of the price is coming from the company’s managers and shareholders re-investing some of their proceeds.

The Scunthorpe-based group specialises in making private-label sauces, soups, entrees and dressings for retailers such as Morrisons, as well as restaurant and pub chains, including Mitchells & Butlers, and Whitbread.

Earlier this year it bought out its partner in the Glorious brand of fresh soups, which are endorsed by Mr Pierre White and sold in Morrisons, Waitrose and Sainsbury’s.

KCP, founded in 2006 by former Apax Partners and Granville Baird executives, specialises in small-to-mid-market buy-outs, investing between £1m and £10m of equity per deal.

Ashley Haworth of Rickitt Mitchell advised KCP and Jonathan Skofic on the acquisition of TSC Foods.