NVM makes 3x money on Kitwave exit

The company will be acquired by US-based investors Pricoa Capital Group and Allstate Investments, marking the end of NVM's five-year ownership of Kitwave.

Kitwave's new backers will support its continued growth, following an acquisition spree of 11 bolt-ons over 10 years.

Financing for the acquisition was provided by Barclays.

Previous funding
NVM Private Equity invested £7.5m in Kitwave through its Northern 3 VCT fund in April 2011, taking a minority stake in the business.

Company
Headquartered in North Shields, Kitwave is a wholesaler of confectionery, soft drinks, alcohol, tobacco and ice-cream.

Kitwave is projecting revenues of £260m in the current financial year.

People
NVM Private Equity – Mauro Biagioni (investment partner).
Kitwave – Paul Young (CEO).
Pricoa Capital Group – Donald Campbell, Ed Jolly, Jack Gilbert.
Allstate Investments – Mary Hunt, Gonzalo Erroz, Sharad Todi.

Advisers
Vendor – KPMG, Rod Wilkinson, James Murray, Michael Downes, Nick Broadhead (corporate finance); Muckle, Hugh Welch (legal); Javelin Group, Michael Fine (commercial due diligence); Deloitte, Matt Henderson (financial due diligence).
Equity – Morgan Lewis & Bockius, Thomas O'Connor (legal).
Management – Liberty Corporate Finance, Steve Thomson (corporate finance); KPMG, Peter Bate, Chris Lloyd (debt); Michelle Wilson, Graeme Whitfield, Brad Keast (tax); Muckle, Mike Spetch, Louise Duffy, Jess Swindells (legal).
Debt – Eversheds, Kathryn Walters (legal).

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• Topics
• Exits
• UK / Ireland
• Consumer
• NVM Private Equity
• Eversheds
• KPMG
• Deloitte
• Barclays