Kitwave Wholesale has completed a refinancing deal involving lead investor Pricoa Capital Group and co-investment partner Allstate. Together they have acquired a minority stake in the business, which aims to continue its acquisition strategy.
NVM Private Equity, which invested in Kitwave in 2011, is now no longer associated with the wholesaler.
Founded in 1988 by the current CEO Paul Young, the company has grown from being a regional confectionery-based business to a national wholesaler through 11 acquisitions since 2006.
As well as having nationwide delivery capability, Kitwave offers frozen, ambient and own-label products to the independent retail, vending and foodservice sectors.
In 2014, it broke into the Sunday Times ‘Top Track 250’ and was invited to join the London Stock Exchange Elite scheme for fast-growing companies.
Young commented: “This deal marks the start of the next chapter of our growth story, which sees revenues on track to reach in excess of £260 million in the current financial year.”
Tel: Kitwave Wholesale 0191- 258 7959