£7.5m investment for Kitwave
Kitwave, a wholesaler of tobacco, confectionery and drinks, has received a funding boost of £7.5m from NVM Private Equity (NVM). The company, which has a base in Telford, said the capital injection would support its growth strategy.
Kitwave has increased its turnover from about £15m to more than £100m since 2006.
The business operates from warehouses across the north and midlands, through a membership-led delivery and cash and carry service.
Kitwave was originally established as an acquisition vehicle set up to purchase M&M Value in 1987.
Since its inception, the company has acquired three other businesses; Turners & Wrights, FW Bishop & Son and Westone Wholesale. The group employs 166 staff across six warehouses located in Telford, North Shields, Middlesbrough, Carlisle, Bradford and Bolton.
Mauro Biagioni, who led the investment for NVM and will join the board, said: “Kitwave represents an ideal investment for the NVM funds. The company maintains strong, long-term relationships with its customers and its unique local service offers customers a feeling of being more than just an account number.
"Management’s future vision is based on a successful track record of acquisitions and we are delighted to be able to support this vision.”
