Kitwave Group agreed on 22 January to be acquired by Kite UK Bidco, a vehicle owned by funds managed or advised by OEP Capital Advisors, for 295p a share in cash, valuing the UK wholesaler at about £251m.
Why OEP Capital Advisors (Kite UK Bidco) is buying Kitwave Group plc
OEP said it wanted to strengthen Kitwave's position in a fragmented wholesale market, accelerate growth in foodservice and invest in efficiency and digital capability. Kitwave's board cited public-market constraints on acquisitions and leverage, margin pressure and rising costs, and described the offer as a compelling exit.
Deal terms and financing
The offer was a 33.5% premium to the 221p close on 21 January and 38.8% above the three-month VWAP, and almost double the 2021 IPO placing price. It was financed entirely with equity from OEP funds and backed by irrevocable undertakings and a letter of intent covering about 21.6% of the shares.
Regulatory approvals and timing
The deal was implemented by a court-sanctioned scheme of arrangement requiring 75% approval at the court meeting and general meeting. The scheme became effective on 12 March 2026 and Kitwave's admission to AIM was cancelled with effect from 13 March.
Market context
Kitwave, founded in 1987 and listed on AIM since May 2021, delivers impulse products, frozen, chilled and fresh food, alcohol and tobacco to about 46,000 customers from 37 depots. Revenue rose 21% to £802.7m in the year to October 2025 while pretax profit was flat at £22.4m. OEP, spun out of JPMorgan in 2015, is a middle-market private equity firm.
