Kitwave shareholders have voted to approve the wholesaler’s acquisition by Kite UK Bidco, a newly incorporated, indirect subsidiary of funds managed by US private equity firm OEP Capital Advisors.
The deal, valuing the business at £246m, had already received commitments of support from the shareholders of around 21.6% of Kitwave’s equity, including Kitwave’s directors, at the time it was first revealed in January.
At the court meeting today (26 February), 71.79% of shareholders voted in favour of the deal, with 84.59% approving the resolution to implement the scheme at the wholesaler’s general meeting.
Completion of the acquisition now remains subject to the satisfaction of the remaining conditions set out in the scheme document, with a sanction hearing scheduled to take place on 10 March. The scheme is then expected to become effective on 12 March.
Last month, Kitwave CEO Ben Maxted said OEP has an “excellent track record of helping businesses like Kitwave to significantly scale”, adding that the wholesaler’s board believes becoming a private company will provide “greater financial flexibility to achieve its ambitions”.
He continued: “Since becoming a public company in 2021, Kitwave has rapidly transformed from a regional foodservice operator into an enlarged UK-wide delivered wholesale business.
“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.”
The news comes after the group issued a profit warning last week as lower-than-expected demand in the hospitality sector cut into margins.
For the three months to 31 January 2026, group revenue at the delivered wholesale business was in line with the same three-month period in 2025. However, softer demand in hospitality resulted in “an unfavourable revenue mix”, which negatively impacted gross profit margin for the period.
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