Kitwave

Canaccord Genuity acts as Nominated Adviser, Sole Bookrunner and Broker to Kitwave Group Plc on its £31 million Placing 

Canaccord Genuity is pleased to announce it has acted as Nominated Adviser, Sole Bookrunner and Broker on a significantly oversubscribed Placing of £31 million for Kitwave Group plc. 

Kitwave is a UK based delivered wholesale business, specialising in selling impulse products, frozen, chilled and fresh foods, alcohol and groceries. Through a network of 32 depots, Kitwave delivers to approximately 42,000 independent convenience retailers, leisure outlets, vending machine operators, foodservice providers, wholesalers and leading national retailers.

Funds raised from the Placing will be used as part consideration for the acquisition of Creed Catering Supplies Limited, which is being acquired for up to £70 million. Creed is a leading independent family-owned Foodservice Wholesaler, with a range of customers within the leisure, hospitality, education and care sectors. The acquisition is expected to be significantly earnings enhancing and gives Kitwave a national infrastructure with tangible buying and operational synergies.