Newcastle-based confectionery, soft drinks, alcohol and tobacco wholesaler Kitwave has acquired Teatime Tasties, a wholesaler of biscuits, cakes, confectionery and soft drinks.
This deal follows Kitwave’s successful acquisition of Andersons Wholesale in May last year and Automatic Retailing in September 2011.
Teatime Tasties, with a delivered base in Huddersfield and a smaller cash and carry unit in Manchester, was established in 2000 and currently employs 61 staff.
Kitwave was established in 1987 as an acquisition vehicle set up to purchase the small confectionery wholesale Features > Business, M amp;M Value. Since then, it has expanded by acquiring Turner amp; Wrights, FW Bishop amp; Son, Westone Wholesale, Andersons Wholesale, Automatic Retailing and now Teatime Tasties.
Kitwave has increased its turnover from circa £15m in 2006 to a record-breaking year in 2012 with turnover of £155m. Kitwave operates from warehouses across the North of England and Midlands and the recent acquisition will bring total staff numbers across the group to 290.
NVM Private Equity invested £7.5m in March 2011 to support Kitwave’s group managing director, Paul Young, develop the company’s acquisition strategy. Since then, David Brind has been appointed as finance director and David Brock as chairman.
Paul Young, Group Managing Director of Kitwave: “I have known the Teatime Tasties owners and their business for many years. This is a strong performing, well-run company that fits our criteria in terms of operations, geography, products and customer base. We anticipate a smooth and successful integration of the business into the Group.”