NVM invests in wholesaler

NVM Private Equity has invested £7.5m development capital into Kitwave, wholesaler of tobacco, alcohol, confectionery and soft drinks.

The Newcastle-based company, which runs a membership-led delivery and cash and carry service, employs 166 staff at six sites including Carlisle and Bolton.

NVM’s Manchester-based Clive Austin worked on the deal with Mauro Biagioni.

Kitwave, controlled by Paul Young, has enjoyed rapid growth in recent years with turnover rising from £15m to more than £100m since 2006. 

NVM said further investment will support the company’s strategy to continue growth through consolidation.
 
Mr Biagioni said: “Kitwave represents an ideal investment for the NVM funds. The company maintains strong, long-term relationships with its customers and its unique local service offers customers a feeling of being more than just an account number. Management’s future vision is based on a successful track record of acquisitions and we are delighted to be able to support this vision.”