About the client
TSC foods is a Scunthorpe-based group specialising 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.
About the deal
Rickitt Mitchell advised the TSC Foods management team, led by buy-in candidate, Jonathan Skofic, on the buy-out of TSC Foods Limited.
The deal was funded with £6m of equity from KCP and a £11m loan from Yorkshire Bank, with the rest of the price coming from the company’s managers and shareholders re-investing part of their proceeds.
"Rickitt Mitchell’s experience in structuring and managing complex MBO transactions was instrumental in delivering this deal. It was achieved against a backdrop of an extremely difficult banking market and a volatile vendor group"Peter Armitage | Partner | KCP