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03/2026

KITWAVE GROUP acquired by ONE EQUITY PARTNERS

UNITED KINGDOM B2B Specialized Distribution EV £300–700M

Context

The take-private acquisition of Kitwave Group by One Equity Partners signifies a definitive shift toward industrialized scaling in the UK food and beverage wholesale sector. The strategic logic of this transaction hinges on a "logistical-consolidation" maneuver, merging the target’s extensive regional reach and multi-category product depth with the acquirer’s proven expertise in executing complex buy-and-build cycles. This structural alignment provides the organization with the institutional capital and strategic hardware necessary to aggressively pursue acquisitions in a market defined by high fragmentation.

This platform was built through multiple acquisitions, including Total Foodservice Solutions (2024) and Creed Catering Supplies (2024), illustrating an active consolidation strategy.

KITWAVE GROUP, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of 5x–12x, a level significantly lower than the average currently observed in the Business Services sector (11.4x).

-> Deep-dive in Business Services market trends

Target

Kitwave Group is a Delivered Wholesale Services company based in the United Kingdom, specializing in the supply and logistical delivery of a broad impulse product portfolio. The organization operates a three-segment model encompassing ambient goods, frozen and chilled foods, and specialized foodservice supplies. Its value proposition is anchored in a localized delivery framework that services independent convenience stores, grocery chains, and hospitality venues. Rather than acting as a traditional stationary wholesaler, the firm utilizes a nationwide logistics network to fulfill high-volume daily orders with a focus on service reliability. The entity's strategy involves the integration of niche regional operators to expand its product range into categories such as butchery, alcohol, and fresh produce.

Ent. Value

£300–700M

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

5x–12x

EV / EBIT

5x–12x

Historical Financials (GBP)

Year
Rev
EBITDA
EBIT
2024
£450–900M
£25–50M
£10–30M
2023
£450–900M
£25–50M
£10–30M

Other operations with KITWAVE GROUP

Other operations with KITWAVE GROUP

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
10/2026KITWAVE GROUPFIRST CHOICE FOODSERVICEUNITED KINGDOMB2B Specialized Distribution
07/2026KITWAVE GROUPCHARLES SAUNDERSUNITED KINGDOMHospitality Supplies
07/2026KITWAVE GROUPFIFE CREAMERYUNITED KINGDOMB2B Specialized Distribution
09/2024KITWAVE GROUPCREED CATERING SUPPLIESUNITED KINGDOMB2B Specialized Distribution
03/2024KITWAVE GROUPTOTAL FOODSERVICE SOLUTIONSUNITED KINGDOMB2B Specialized Distribution
12/2022KITWAVE GROUPWESTCOUNTRY FOODUNITED KINGDOMB2B Specialized Distribution
02/2022KITWAVE GROUPM.J. BAKER FOODSERVICEUNITED KINGDOMB2B Specialized Distribution
09/2019KITWAVE GROUPCENTRAL SUPPLIESUNITED KINGDOMB2B Specialized Distribution
05/2017KITWAVE GROUPALPINE FINE FOODSUNITED KINGDOMB2B Specialized Distribution
09/2016KITWAVE GROUPH B CLARKUNITED KINGDOMB2B Specialized Distribution

REFERENCES

Valuation range: EV £300–700M

Revenue range: £450–900M

EBITDA range: £25–50M

EV/Revenue range: below 1.5x

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of KITWAVE GROUP by ONE EQUITY PARTNERS are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Target: kitwave group

Acquirer: one equity partners