Tue, 13 Dec 2022 | BUSINESS SALE
Fresh produce wholesaler WestCountry Food has been acquired by wholesale business Kitwave Group in a deal valued at £29 million. The deal value represents around a 7.4x multiple of WestCountry’s £3.9 million pre-tax profits for the year ending January 1 2022, generated on revenue of £29.7 million.
WestCountry is based in Falmouth and provides local, regional and imported fresh produce to the south-west of England’s foodservice sector. The company, which has depots in Newton Abbot and St Austell, has developed a strong network comprising local growers of fresh seasonal produce and direct supply connections with national and international fresh produce suppliers.
Kitwave, an AIM-listed business that supplies over 38,000 shop owners, said that it believed the acquisition would be immediately earnings enhancing, as well as helping it move into fresh food provision. Post-acquisition, WestCountry will be incorporated into Kitwave’s existing foodservice division, which is home to several firms, including David Miller Frozen Foods and M J Baker Foodservice.
Paul Young, CEO of Kitwave, commented: “The acquisition of WestCountry enables us to expand our product range to include high-quality fresh produce and complements our existing foodservice offering in the south west, following the acquisition of M J Baker earlier in 2022.”
“We are delighted to welcome the WestCountry team to Kitwave and look forward to successfully integrating the business into the group’s foodservice division and further extending our nationwide reach.”
Kitwave recently announced that it had performed strongly in the second half of the year and said its next results were set to meet upgraded expectations. Paul Young added: “The group continues to trade well and despite wider macroeconomic pressures, the directors believe the outlook remains positive. We look forward to updating shareholders further on our progress.”
Find businesses for sale here.
If you are looking for an exit, we can help!.
Viewing is highly-recommended to appreciate this long-established Italian restaurant Pizzeria, owned for 23 years by one owner. Famous for its wide range of authentic, freshly prepared Italian meals. Excellent reputation both near and far with high n...
LEASEHOLD
This Halal butcher and grocery shop is located on the busy high street in London. The business is well-established and reputed for the excellent quality products and service.
LEASEHOLD
Well-established and supported by regulars as well as a lot of passing trade, the restaurant is positioned in a very busy location, supplying Greek food and wine with the perfect vibe for all the locals and tourists to enjoy.
LEASEHOLD
23
|
Nov
|
Workforce training provider acquired at over 10x profits | BUSINESS SALE
Astutis, a workforce health and safety training provider bas...
23
|
Nov
|
Cloud-based logistics tech firm acquired by US company | BUSINESS SALE
3T Logistics & Technology Group, a Leicester-headquartered p...
22
|
Nov
|
Timber firm targeting more deals after second acquisition in a month | BUSINESS SALE
Premier Forest Products, a timber company based in Newport, ...
20
|
Nov
|
Kitwave acquires drinks wholesaler as part of consolidation effort | BUSINESS SALE
Wholesaler Kitwave has acquired drinks distributor WLG (Hold...
18
|
Nov
|
Kitwave acquires Alpine Fine Foods | BUSINESS SALE
Independent wholesaler Kitwave has acquired Alpine Fine Food...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.