Kitwave agrees to £250 million takeover by US private equity firm

Shareholders of Kitwave have approved the wholesale group’s acquisition by US private equity firm OEP Capital Advisers for 295 pence per share, equivalent to around £250 million.

Ben Maxted: ‘We are excited by the prospect of working with OEP on the next chapter of our growth.’

Ben Maxted, CEO of Kitwave which has a network of 37 depots, said: “Since becoming a public company in 2021, Kitwave has rapidly transformed from a regional foodservice operator into an enlarged UK-wide delivered wholesale business.

“OEP has an excellent track record of helping businesses like Kitwave to significantly scale, and the board believes that becoming a private company will provide greater financial flexibility to achieve its ambitions.

“We are excited by the prospect of working with OEP on the next chapter of our growth.”

Steve Lunau, partner of OEP, said: “We are delighted to have the opportunity to partner with Kitwave to further strengthen its leading position in the UK grocery and foodservice wholesale market.

“We fully support Kitwave’s vision for long-term growth and believe our partnership will enable it to accelerate its strategy. We look forward to supporting Ben and the management team in continuing the impressive growth they have achieved over the past years.”

Approval of the acquisition follows a profit warning issued by Kitwave for the three months ended 31 January 2026. The group said that ‘lower-than-expected demand in the hospitality sector resulted in an unfavourable revenue mix’ that has negatively impacted gross profit margin. In addition, the board expects margin pressure to persist throughout the remainder of the current financial year ending 31 December 2026.

Published Date: February 28, 2026