Liberty Corporate Finance is pleased to announce the completion of the re-financing of Newcastle based wholesaler, Kitwave by Pricoa Capital, allowing NVM to exit the business it invested in some 10 years ago and providing additional capital to enable Kitwave to continue its acquisition based expansion strategy.
Kitwave, founded by CEO Paul Young in 1988, has a reputation for excellence in service quality, product availability and customer relationships and has laid a strong foundation for the future. As well as now having nationwide delivery capability, the group has expanded to offer frozen, ambient and own label products to the independent retail, vending and food service sectors.
Liberty Corporate Finance provided management advice to Paul Young, CEO and the Kitwave management team who re-invested in the business.
Since NVM’s investment the group has acquired Anderson Wholesale, Automatic Retailing, Teatime Tasties, Eden Farm, Squirrels UK and most recently in July 2015 Hulleys Frozen Foods. The new funding as well as providing NVM with an exit also sees the business raise funds from lead investor Pricoa Capital Group and a co-investment partner Allstate in order to continue pursuing its acquisition strategy.