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(Sharecast News) - Kitwave Group announced the successful acquisition of composite drinks wholesaler WLG Holdings on Monday, trading as Wilds of Oldham.
The AIM-traded firm said the acquisition, funded entirely in cash through its existing banking facilities, was a significant development for its delivered wholesale business.
It said Wilds of Oldham, a family-run drinks wholesaler with over 25 years of experience, serves both on- and off-trade establishments.
Based in Oldham, Greater Manchester, the company has a workforce of 35 employees and a fleet of 11 vehicles for deliveries within a 50-mile radius of its warehouse.
Wilds of Oldham reported a turnover of £10.2m for the financial year ended 30 September 2022.
The board said the acquisition would become an integral part of Kitwave's existing foodservice on-trade business, H.B. Clark & Co, enhancing its capabilities in the drinks wholesaling sector.
That strategic move, the board said, was part of Kitwave's commitment to expanding its presence and offerings in the wholesale market, further strengthening its position as a key player in the industry.
"We are delighted to announce the acquisition of Wilds of Oldham, which will assist in the distribution of HB Clark's alcohol and soft drinks products throughout the North West," said chief executive officer Paul Young.
"Wilds of Oldham is a proven, successful business that will make a strong addition to our foodservice division.
"At Kitwave, we remain focussed on capitalising on the fragmented UK wholesale market and will continue to identify the best opportunities to deliver the most value for our stakeholders."
At 1045 GMT, shares in Kitwave Group were down 1.97% at 249p.
Reporting by Josh White for Sharecast.com.
