London Stock Exchange welcomes Kitwave Group plc to AIM

London Stock Exchange today welcomes Kitwave Group plc to AIM under the ticker “KITW”, after it raised gross proceeds of £64.0m for the Company and a further £17.6m for the Selling Shareholders. The Placing Price was 150 pence per share resulting in a market capitalisation of £105m at Admission.

Founded in 1987, following the acquisition of a single-site confectionery wholesale business based in North Shields, United Kingdom, Kitwave is an independent, delivered wholesale business, specialising in selling and delivering impulse products, frozen and chilled foods, alcohol, groceries and tobacco to approximately 38,000, mainly independent, customers.   

Kitwave has a highly successful acquisition strategy, having acquired and integrated 10 wholesale distributors into the Group since 2011.   The Group intends to continue its growth both organically and through a strategy of acquiring smaller, predominantly family owned, complementary businesses in the fragmented UK Grocery and Foodservice Wholesale market.

The Board believes that trading on AIM will support its successful buy-and-build strategy, enhance the profile of the Group and its brands, improve Kitwave's position with key suppliers, strengthen the Group's balance sheet, and provide the Group with greater ability to incentivise and retain key employees going forward.   

The Company intends to use the gross proceeds of the Placing to reduce the Group’s existing debt and to pay the Group’s expenses in connection with the Placing.

Paul Young, Chief Executive Officer of Kitwave, commented:

“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."

Advisers to the Company

Canaccord Genuity Limited - Nominated Adviser and Sole Broker 
KPMG LLP – Auditors and Reporting Accountants
Muckle LLP – Solicitors 
Yellow Jersey PR – Financial PR

To find out more about Kitwave Group plc, please visit:

Quick facts

Market: AIM
Instrument market cap (£m)
Listing/Admission to trading
24 May 2021
Looking for new and recent issues?

More recent

London Stock Exchange welcomes to the Premium Segment of the Main Market

MADE.COM is the leading digital lifestyle brand in home, disrupting the industry with high-quality, exclusive designs underpinned by a responsible, small-batch production model, enabling customers to realise the vision of their homes.

To create its product range, MADE partners with over 150 established and up-and-coming designers, artists and collaborators and 200 factories globa

Learn more
London Stock Exchange welcomes the Launch of Europe’s first global airline industry ETF offers investors pure play exposure to the rebounding airline industry

The launch of Europe’s first global airline ETF, U.S. Global Jets UCITS ETF (ticker: JETS)  ‘JETS’ on the HANetf platform will deliver exposure to the airline industry as it tracks companies within the commercial airline, aircraft manufacturing, and airport & terminal services industries.  The JETS airli

Learn more
London Stock Exchange welcomes iClima Earth listing its world’s first distributed renewable energy ETF

Environmental impact fintech, iClima Earth, is set to launch the world’s first ESG UCITS exchange traded fund (ETF), the iClima Distributed Renewable Energy UCITS ETF, that provides exposure to companies promoting the decentralisation of energy generation.  Distributed renewable generation is the ecosystem that allows green energy to be created and managed close to the point of use, for ex

Learn more
London Stock Exchange welcomes Women in Banking & Finance for the Accelerating Change Together Research Programme

Women in Banking & Finance (WIBF) opened London’s markets for trading today for the launch of the GOOD FINANCE Framework: Creating Inclusive Organisations in Financial and Professional Services. The launch of the framework marks the first year of the Accelerating Change Together (ACT) programme and proposes concrete actions for organisations wanting to retain and develop their most talented

Learn more