Muckle LLP advises Kitwave on its AIM IPO

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We’re delighted to have advised North East wholesaler Kitwave Group on its admission to trading on the London Stock Exchange. The North Tyneside headquartered group started trading on AIM today after raising almost £82m in its IPO.

The placing values the company at £105m and attracted investment from high quality institutional investors. The IPO will enhance Kitwave’s profile and its brands across the region and more widely.

A successful growth strategy

We’ve been working with Kitwave for many years.  Since 2011 we have supported the business through an acquisition strategy adding ten wholesaler distributers to their UK portfolio.  This IPO allows the company to build on their already market leading reputation and brand presence.

David Brind, Group Finance Director for Kitwave said: “Our build-and-buy strategy has proven highly successful and we’re confident the investment raised from admission to AIM will support our ongoing growth strategy.

“We’re proud of the brand reputation we’ve built; this investment will allow us to develop our offering to existing and prospective customers and enhance our position with key suppliers.”

Sarah Forster, lead Corporate Partner said: “The IPO is an exciting milestone for Kitwave and represents a significant success story for both the company and the region. We’re delighted to have played an integral part, working with Paul, David, and the team and we’re looking forward to continuing our relationship with Kitwave as they continue to grow.”

Trusted advisers

Teams from across Muckle LLP helped to complete the IPO successfully.  Led by corporate partner Sarah Forster, a specialist in AIM flotations, supported by UK leading lawyers Andrew Davison and client relationship partner Louise Duffy the team worked closely with the Directors and with Canaccord Genuity, who acted as Nominated Adviser, Sole Bookrunner and Sole Broker, to prepare and complete the project.  Mike Spetch, Edward Forshaw and Hayden Richards in our corporate team together with Frances Cameron in Employment and Kate Newman in Real Estate were part of the trusted team.

David Brind said that Kitwave’s strategy to grow and capitalise on the market has been supported by Muckle every step of the way: “Muckle have always provided us with high quality legal services, and the team’s expertise in AIM IPOs was invaluable throughout this process.

“I’d like to express my thanks to the whole team at Muckle, who worked tirelessly to complete the work that was required. The feedback from our other advisors has been equally as positive, commenting how easy Muckle were to work with and how seamless they made the experience.”

“Muckle have been a true supportive partner, for both legal and business support, and we look forward to continuing our successful relationship as we move forward with our growth plans.”

For more information on this deal or any other corporate query please contact Sarah Forster on 0191 211 7910 or email [email protected]