NVM Private Equity portfolio business Kitwave has bought Teatime Tasties for an undisclosed amount.
The company, which operates from warehouses across the North and the Midlands selling tobacco, alcohol, confectionery and soft drinks, was initially backed by NVM in April 2011 through a £7.5 million fundraising. It was established in 1987 as an acquisition vehicle set up to purchase small confectionary wholesale business M&M Value.
It has since gone on to purchase Turner & Wrights, FW Bishop & Son, Westone Wholesale, Andersons Wholesale, Automatic Retailing and now Teatime Tasties. According to the business, it has grown its turnover from £15 million in 2006 to £155 million in 2012.
Teatime Tasties was founded in 2000 and employs 61 staff. The majority of its operations centre from its Huddersfield base, with a smaller cash and carry location in Manchester.
Paul Young, group managing director at Kitwave, says, ‘I have known the Teatime Tasties owners and their business for many years. This is a strong performing, well-run company that fits our criteria in terms of operations, geography, products and customer base.’
Kitwave’s last acquisition came in October 2011 when it bought North East-based Automatic Retailing in another undisclosed transaction.
Mauro Biagioni, director at NVM Private Equity, comments, ‘Teatime Tasties is another piece in the jigsaw for Kitwave as it continues to successfully grow through consolidation in a fragmented market.
‘We bought into management’s growth strategy at the time of our investment and Kitwave has stuck to its plan. NVM is pleased to support the team as they look to acquire further businesses across the UK.’