Typhoon T is the latest British name to be bought by private equity in a wave of bargaining by buy-and-sell companies
Typhoon Tea is the latest British business to be bought by a private equity firm amid a wave of bargains by City buy-out companies.
Industry sources said London-based Jetland Capital, led by dealmaker Ahmed Hamdani, has secretly divested a majority stake in Typho Tea.
Jetland is taking control of Typho Tea from the Indian conglomerate Apeejay Surendra Group and its lenders following a financial restructuring.
Bagged: Typhoo Tea was founded by John Sumner Jr. in the early 1900s to sell in his pharmacy and grocery stores in Birmingham.
Typhoo Tea was founded by John Sumner Jr. in the early 1900s to sell in his pharmacy and grocery stores in Birmingham.
The tea grew in popularity to become one of Britain’s best-known brands and the first to sell ready-packed tea. Typhu Tea was also one of the first tea manufacturers to introduce green tea blends to the UK.
As a result, tyfu tea has been bought and sold by some of the country’s largest consumer companies, such as Schweppes and Premier Foods.
Premier Foods, which is currently listed on the London stock exchange, sold Typhoo Tea to the Apeejay Surendra Group in 2005 for £80 million.
Typhu Tea has been having a tough time under the ownership of APJ Surendra. The company’s accounts show that in 2019 Typhoon Tea generated a pre-tax loss of £29.9 million from sales of just over £60.8 million.
Sources said Abercross Holdings, which is already part of Typhu Tea, had increased its stake in the company as part of the deal with Jetland.