Kitwave Wholesale Group has acquired Hulleys Frozen Foods, marking the eleventh company that the Newcastle-based company has added to its portfolio.
Sheffield-based Hulleys is predominantly a producer of ice cream and wider frozen food products, and operates six depots that supply a delivery network distributing across the whole of England. Although terms of the acquisition have not been disclosed, it follows the investment of £7.5m by NVM Private Equity in 2011, which was designed to support Kitwave’s acquisition strategy.
The transaction has been described as “an excellent fit… in terms of its operations and national geography” and complements Kitwave’s acquisition of frozen food wholesaler Eden Farm last year. It will continue to widen the group’s geographic reach and product offerings, and increases its customer base to around 30,000.
Kitwave’s David Brind described the acquisition as “an exciting opportunity”.
Kitwave group finance director David Brind said: “The acquisition of Hulleys Frozen provides an exciting opportunity for the Kitwave Group, that will provide additional customers, products and services to our existing offering. In addition to the acquisition earlier this year of Squirrels UK, the Kitwave Group now has developed operations across the growing sectors of discount retail, foodservice and frozen product.”
Hulleys Frozen Foods is the trading name of Angelbell Ltd.
NVM Private Equity partner Mauro Biagioni added: “The addition of Angelbell by the Kitwave Group will serve to complement Kitwave’s existing portfolio of businesses. The success of previous acquisitions proves that Kitwave’s growth strategy is going exactly to plan since we invested four years ago and this latest addition will only strengthen this further. Paul and the team are keen to make further acquisitions across their industry to continue to grow in a fragmented market.”
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