Wholesale group Kitwave has announced a major acquisition that helps it move into the provision of fresh food.
The £29m deal for WestCountry Food Holdings gives Kitwave access to “an unrivalled network of dedicated, high-quality local growers of seasonal fresh produce”, the Tyneside firm said. Falmouth-based WestCountry, which also has depots in St Austell and Newton Abbot, reported turnover of £29.7m and profit before tax of £3.9m last year. It had assets of £11m that include £7.8m of cash and property worth £1.2m.
Kitwave said it believed the deal would be immediately earnings enhancing, with WestCountry being incorporated into Kitwave's existing foodservice division.
