3 December 2012
NVM Private Equity backed Kitwave acquires Teatime Tasties
Kitwave, the wholesaler of confectionery, soft drinks, alcohol and tobacco has acquired Teatime Tasties, a wholesaler of biscuits, cakes, confectionery and soft drinks. This deal follows Kitwave’s successful acquisition of Andersons Wholesale in May 2011 and Automatic Retailing in September 2011.
Teatime Tasties was established in 2000 and currently employs 61 staff. The majority of Teatime Tasties’ delivered goods business is operated out of its Huddersfield base, with a smaller cash and carry unit located in Manchester.
Kitwave was established in 1987 as an acquisition vehicle set up to purchase the small confectionery wholesale business, M&M Value. Since then, the business has expanded by acquiring Turner & Wrights, FW Bishop & Son, Westone Wholesale, Andersons Wholesale, Automatic Retailing and now Teatime Tasties. Kitwave has increased its turnover from circa £15 million in 2006 to a record-breaking year in 2012 with turnover of £155 million. Kitwave operates from warehouses across the North of England and Midlands and the recent acquisition will bring total staff numbers across the group to 290.
NVM Private Equity invested £7.5 million in March 2011 to support Kitwave’s Group Managing Director, Paul Young, develop the company’s acquisition strategy. Since then, David Brind has been appointed as Finance Director and David Brock as Chairman.
Paul Young, Group Managing Director of Kitwave:
“I have known the Teatime Tasties owners and their business for many years. This is a strong performing, well-run company that fits our criteria in terms of operations, geography, products and customer base. We anticipate a smooth and successful integration of the business into the Group.”
Mauro Biagioni, Director of NVM Private Equity:
“Teatime Tasties is another piece in the jigsaw for Kitwave as it continues to successfully grow through consolidation in a fragmented market. We bought into management’s growth strategy at the time of our investment and Kitwave has stuck to its plan. NVM is pleased to support the team as they look to acquire further businesses across the UK.”
Kitwave were advised on the deal by corporate finance partner Craig Swinhoe and the team at Newcastle based Muckle LLP.
Notes to editors:
NVM Private Equity Limited (NVM)
is independently owned with over 27 years’ experience of investing in unquoted UK businesses. NVM is a generalist investor, managing over £220m of funds, and is differentiated by having executives living and working in regional business communities throughout the UK. NVM seeks investment opportunities in UK businesses which have the right mix of growth potential and market vision. They may be looking to grow organically, acquire another business or secure a management buy-out. Typically, NVM looks to invest between £2m and £10m in each transaction. www.nvm.co.uk
For further information please contact: NVM