Sales at Kitwave Wholesale have more than doubled thanks to its ambitious buy-and-build strategy.

In record year-end results, which have not yet been filed at Companies House, Kitwave reported a 160% sales increase to £260m and increased EBITDA by almost 300% for the 12 months to 30 April 2016.

Accounts only partially reflected the acquisition of Hulleys Frozen Foods and David Miller Frozen Foods, which it snapped up in June to open up a new product offering for its customers in the independent foodservice sector and strengthening its growing capability in the frozen foods category.

To continue its consolidation of the independent wholesale market, Kitwave completed a multimillion-pound refinancing deal with US investors Pricoa Capital and Allstate in February.

Following the investment, Kitwave snapped up London-based wholesaler Phoenix Frozen Foods in August.

“It’s been another really positive year for the group which ended with the successful refinancing of the business. The group continues to deliver growth in revenue, margin and profitability whilst ensuring strong cash generation is maintained and this trend is expected to continue in the foreseeable future,” said Kitwave finance director David Brind.

“During the last five years we have been made strategic acquisitions that have taken us into new markets, geographies and product ranges. During this time the business has also invested heavily in its infrastructure, IT and importantly in its senior management team. This new investment will allow us to develop further in some key focussed areas and we are excited about delivering on our ambitious expansion targets for the future.”

Kitwave said the recent acquisitions had given it a completely new product offering to the independent foodservice sector and strengthened its presence in the frozen food sector.

“The independent retail & foodservice sectors demands service quality, product range, value and product availability and the Kitwave solution continually delivers in all of these areas,” said Brind.