The BPE Solicitors LLP Corporate and Commercial team is delighted to have played a key role in the acquisition of Creed Catering Supplies Limited by Kitwave Limited, a subsidiary of Kitwave Group PLC, for up to £70m.
Founded in 1972, Creed Catering Supplies Limited is one of the UK’s leading foodservice providers. The family-owned business is headquartered in Cheltenham, with distribution centres in Gloucestershire, Buckinghamshire and Derbyshire.
An ever-present entity in Gloucestershire’s top 100 businesses, Creed is renowned for its service excellence and supporting its customers in achieving their food strategies and commercial objectives, consistently featuring in the ‘Best Companies’ accreditation scheme. In the 12 months to May 2024, Creed recorded revenues of over £130 million.
With a loyal customer base in a wide range of sectors, including leisure, hospitality, healthcare and education, this deal marks a significant strategic moment for the company in which geographic expansion, a fully integrated national delivery network and enhanced financial growth are all anticipated. Being a founding member of Country Range Group of independent wholesalers, of which Kitwave is also a member, this deal is founded on a concrete synergy in which management ideals, complimentary networks and the desire to scale played a paramount role.
Team leader, Kathryn King alongside Senior Partner, John Workman and the Corporate and Commercial team worked with colleagues across the firm and the Creed leadership team to deliver a highly complex transaction to a tight timescale.
Reflecting on the deal, Kathryn King remarked: “Long standing clients, Creed, have been at the forefront of the foodservice industry and their acquisition by Kitwave will undoubtably see them take the next steps in continued growth. It was a pleasure working with the team and we are excited to see what the next stage brings.”
John Workman, commented: “I am delighted for the Creed team and in particular Chris Creed, who I have known and worked with for nearly 25 years – and been a fellow traveller for a year-long leadership course in 2012 – during which time I got to see the hugely impressive business from the inside.”
Chris Creed, CEO of Creed, stated: “Throughout this journey, we have always valued our collaboration with BPE Solicitors. Their team has provided exceptional, professional service over the years, and this process was no exception. Creed’s ethos and business approach remain at the core of our operations. With over 50 years rooted in family values, our people, culture and principles are integral to our extended business. This acquisition strengthens our market position and ensures the best outcomes for our business, employees, and customers.”
