International legal practice Osborne Clarke has advised Canaccord Genuity Limited on the £31 million placing for AIM-quoted Kitwave Group plc, the leading delivered wholesale business.
The net proceeds of the placing, which was heavily oversubscribed, will be used to part finance the initial consideration payable in relation to Kitwave's up to £70 million acquisition of Creed Catering Supplies Limited, a leading independent family-owned foodservice wholesaler, with a range of customers within the leisure, hospitality, education and care sectors. Completion of the acquisition, which is conditional upon the placing closing, is expected to occur on or around 27 September 2024.
Canaccord is acting as Kitwave's nominated adviser, sole broker and sole bookrunner in connection with the placing.
The Osborne Clarke team that advised on this transaction was led by Partner Jonathan King who was assisted by Senior Associates Stuart Miller and Oliver Woods and Trainee Cordelia Lupson.
Osborne Clarke's Corporate team, which is ranked in the top tiers by both Chambers and Partners and the Legal 500 for AIM, is considered a go-to practice for many companies in the tech, media and comms sector. Its clients range from global businesses to fast-growth start-ups and market challengers. The team advises at every stage of company development across all corporate issues, from equity and debt fundraisings to strategic M&A, IPOs and JVs.
