Wholesaler Kitwave raises £64m on London debut
Food wholesaler Kitwave has today raised £64m after listing on the AIM market of the London Stock Exchange (LSE).
Each of the firm’s selling shareholders earned £17.6m from the IPO, the firm said in a statement.
Based on a placing price of 150p per share, the firm has a valuation of £105m, it added.
Chief executive Paul Young said: “We are delighted to announce Kitwave’s successful admission to AIM. It represents an important milestone for the Group and supports our strategy to capitalise on future growth opportunities within the highly fragmented UK Grocery and Foodservice Wholesale market.
“With the considerable experience across our Board and Senior Management team, we strongly believe that we are well placed to generate shareholder value.
“I would like to welcome our new investors and look forward to updating them as well as the wider market as we continue to execute our strategic plans for the business.”
Kitwave said it was planning to grow both organically and through the acquisitions of smaller, complementary businesses.
Since 2011, it has bought and integrated 10 such businesses into the group.