During the last five years, NVM has been a major support and the capital and faith in our strategic vision has continuously helped to ensure we have developed an attractive platform to continue to grow.
In 1987 Kitwave was initially set up as an acquisition vehicle to acquire M&M Value, an established small confectionery wholesale business. At this time the business 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 Paul has led the acquisition of Turners & Wrights, FW Bishop & Son, Westone Wholesale, Andersons Wholesale, Teatime Tasties and Eden Farm. They all share a similar product range and customer base, so are ideally placed to take advantage of the steady growth in the wholesale market.
Kitwave offers a membership led delivery and cash and carry service to a diverse mix of independent retailers and wholesalers. The group 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.
Kitwave is now one of the fastest growing companies in the North East of England, increasing its turnover from circa £15m to £155m since 2006. It now employs 290 staff across its North and Midlands based warehouses.
In May 2012, Mike Sonia the former Head of Trading for Sugro UK, was appointed to the board of Kitwave in order to create a platform for growth and to ensure the commercial operations of the business develop alongside the aspirations of the group. He brings over 40 years of buying and marketing experience to Kitwave, having held senior roles in various companies including Booker Group and M6 Cash & Carry.
Kitwave’s accelerated growth has been recognised by The Sunday Times Grant Thornton Top Track 250 in 2013 and 2014. The company also accepted an invitation to join the London Stock Exchange ELITE scheme for fast growing companies.
In March 2016 NVM exited from Kitwave Wholesale Group. The sale represented a gross money multiple of 3.0 times on NVMs original investment.
Kitwave has been a very successful investment for NVM and its funds and is now well positioned for its next phase of growth. It has been a pleasure working with Paul, David and the wider management team, and we wish them every success for the future.