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MBO Team Creation strategy TSC Foods Limited

July 2009 £24m

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creation strategy

Project Gem

July 2009 £24m

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