NVM’s Kitwave buys Hulleys Frozen

Barclays provided new finance facilities to support the deal.

According to the GP, the transaction complements Kitwave in terms of operations and geographical coverage. Following the deal, the enlarged group will have increased its customer base to 30,000.

Previous investment
NVM first backed Kitwave in 2011 with a £7.5m investment.

Company
Hulleys, which is headquartered in Sheffield, supplies ice cream and frozen foods from six depots across the UK to retailers. The business's depots are located in Nottingham, Louth, Norwich, Kingwinford and Kirkham.

Hulleys predominantly serves national accounts, which include Center Parcs and Flamingoland, as well as smaller outlets such as corner shops and beach-side kiosks.

Founded in 1987, Newcastle-based Kitwave is an acquisition vehicle created to purchase independent wholesale businesses.

People
David Brind is group finance director of Kitwave. Mauro Biagioni is a partner at NVM.

Advisers
Company – Muckle (Legal); KPMG (Financial due diligence).

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• UK / Ireland
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• NVM Private Equity