Press office

Kitwave is a wholesaler of tobacco, alcohol, confectionery and soft drinks. It is one of the fastest growing companies in the North East of England, having successfully increased its turnover from circa £15 million to over £100 million since 2006. Further investment will support the company’s strategy to continue growth through consolidation.

In 1987 Kitwave was established as an acquisition vehicle set up to purchase M&M Value Limited, an established small confectionary wholesale business, which at the time employed 14 people. Paul Young, has been the majority shareholder of Kitwave since inception and has overall responsibility for the strategic development of the business. In 2006 he made the decision to grow the business through consolidation. Since then he has led the acquisition of three companies within the market. All of these businesses share a similar product range and customer base, so are in an ideal position to take advantage of the steady growth in the wholesale market. The group now employs 166 staff across six warehouses.

The Eversheds team was led by partner Charles Reynard assisted by senior associate James Bryce, associates Richard Kyle and Amanda Dodsworth and solicitors Gemma Higgins, James Shallcross and Catherine Concannon.

Charles Reynard commented:

“As the private equity industry becomes increasingly buoyant, this is the second investment that Eversheds has advised NVM on in recent months. This a superb investment opportunity and we look forward to advising NVM on future deals.”

Mauro Biagioni, who led the investment and will join the board, commented:

“Kitwave represents an ideal investment for the NVM funds. The company maintains strong, long-term relationships with its customers and its unique local service offers customers a feeling of being more than just an account number. Management’s future vision is based on a successful track record of acquisitions and we are delighted to be able to support this vision. Eversheds provided an excellent service and were intrinsic in ensuring the deal went ahead in a coordinated and timely manner.”