Kitwave has snapped up frozen food supplier Phoenix Fine Foods for an undisclosed sum.
The wholesaler, which received a multimillion-pound investment from Pricoa Capital Group this year, said the acquisition marked the beginning of a new phase of growth.
Phoenix Fine Foods is a wholesale supplier of frozen foods including vegetables, pizza, fish and ice cream. It has a turnover of about £8m.
The acquisition is the first since Kitwave’s refinancing deal with investor Pricoa and co-investment partner Allstate, which was completed in March in order to continue its acquisition strategy.
Phoenix Fine Foods will bolster Kitwave’s frozen food offering as well as expanding its national wholesale presence. It said it would provide better access to London and its newly expanded Eden Farm frozen food operations in Luton.
“We’re very pleased to complete another transaction so quickly after the new investment has come into the group,” said Kitwave director David Brind.
“Phoenix provides a further solid base to our expanding frozen division and further access into the growing London and southern market.”
The deal was handled by North East business law firm Muckle LLP.
“This timely acquisition by Kitwave comes hot on the heels of the substantial refinancing package we advised on earlier this year and it’s fantastic to see this funding already being used to acquire Phoenix Fine Foods,” said Muckle LLP corporate team partner Philip Clare.
“We’ve been working with Kitwave for a number of years now and we are pleased to have acted for them once again as they continue their expansion plans at pace. Our region needs thriving, ambitious companies and market leaders like Kitwave and I am delighted that Muckle LLP has played its part in making this acquisition happen.”