LONDON: Kitwave Group plc, a leading UK delivered wholesale business, announced on Wednesday a recommended cash acquisition by Kite UK Bidco Limited, a newly-formed entity indirectly owned by funds managed by private equity firm OEP Capital Advisers, L.P.
Under the terms of the deal, Kitwave shareholders will receive 295 pence per share in cash, valuing the company’s entire issued share capital at approximately £251 million. The offer represents a 33.5% premium to Kitwave’s closing share price of 221 pence on the last practicable date prior to the announcement.
The acquisition will be implemented via a court-sanctioned scheme of arrangement and is expected to be completed in the first quarter of 2026, subject to shareholder and regulatory approvals.
OEP cited Kitwave’s strong platform, nationwide network of 37 depots, and track record of organic and acquisition-led growth as key drivers for the transaction. The private equity firm believes the move will accelerate Kitwave’s expansion, particularly in the foodservice segment, enhance digital capabilities, and provide flexible capital under long-term private ownership.
“We are thrilled to be announcing this recommended cash acquisition of Kitwave, a high-quality national distribution platform,” said Ori Birnboim, Partner at OEP. “We are excited to partner with Kitwave and the management team for the next phase of growth.”
The board of Kitwave, advised by Canaccord Genuity on the financial terms, considers the acquisition fair and reasonable and intends to recommend it unanimously to shareholders. Directors holding approximately 5.2% of the share capital have given irrevocable undertakings to vote in favour.
BidCo has also secured additional irrevocable undertakings and a letter of intent from other shareholders, bringing total support to approximately 21.6% of Kitwave’s issued share capital.
Ben Maxted, Chief Executive Officer of Kitwave, stated, “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.”
Kitwave is a delivered wholesale group supplying impulse products, frozen and fresh foods, alcohol, and tobacco to around 46,000 independent customers across the UK.
OEP is a middle-market private equity firm with offices in New York, Chicago, Frankfurt, and Amsterdam, focusing on industrial, healthcare, and technology sectors.