Wholesaler Kitwave has agreed to sell up to US private equity firm OEP Capital Advisers in a deal valuing the business at £246m, pending shareholder approval.
Representing a 33.5% premium on Kitwave’s share price before markets opened this morning, the bid already has commitments of support from the shareholders of around 21.6% of Kitwave’s equity, including Kitwave’s directors.
“Since becoming a public company in 2021, Kitwave has rapidly transformed from a regional foodservice operator into an enlarged UK-wide delivered wholesale business,” said Kitwave CEO Ben Maxted.
“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. At the same time, I would like to thank shareholders for the support they have provided the company since being a public company.”
Kitwave’s latest unaudited results, for the year to 31 October 2025, revealed revenues were up 20.9% to £802.7m, with adjusted operating profit growing to £38m. The strong growth came despite sector headwinds, with like-for-like sales down 1% in the year.
The wholesaler and foodservice group has now completed the integration of Total Foodservice and Miller Foodservice, with progress made on folding the combined entity into Creed Foodservice. The company’s new southwest distribution centre has now reached required service levels after additional investment.
“Our retail and wholesale division continues to deliver robust performance, benefiting from underlying consumer demand and leveraging its expertise in service excellence,” added Maxted.
“The group remains highly cash-generative, maintaining a strong balance sheet and facility headroom, and has de-levered in the period through reduction in net debt as expected.”
“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,” said OEP partner Steve Lunau.
“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.”
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