Kitwave Wholesale Group has acquired Phoenix Fine Foods, the Reading-based frozen foods supplier with turnover of £8m, for undisclosed terms.
The deal marks the beginning of a new phase of growth for Kitwave following a multimillion pound investment from Pricoa Capital Group earlier this year.
Phoenix Fine Foods is a wholesale supplier of frozen foods including vegetables, pizzas, fish and ice cream.
The new deal will support Kitwave’s wider frozen foods offering as well as bolstering its national presence in the sector. It will also improve Kitwave’s access to the London market and support the recent investment made within its Luton operation.
David Brind, Kitwave Director, (pictured left) said, “We’re very pleased to complete another transaction so quickly after the new investment has come into the group. Phoenix provides a further solid base to our expanding frozen division and further access into the growing London and southern market.”
Kitwave, which was founded by CEO Paul Young (pictured right) in 1988, has transformed itself from a regional confectionery-based business to a diversified, national wholesaler through eight acquisitions since 2011.
In 2014, Kitwave broke into The Sunday Times ‘Top Track 250’ and was invited to join the London Stock Exchange ‘Elite’ scheme for fast growing companies.
More recently, the group has entered the prestigious Grocer’s ‘Big 30’ ranking for the first time as the 15th largest UK-based wholesaler.