Shareholders of North Shields-based “delivered wholesale” business Kitwave Group plc have approved a recommended cash takeover valued at £251 million or £2.95 per share from New York investment company OEP Capital Advisers LP.

When the deal was announced last month, OEP partner Ori Birnboim said: “We are thrilled to be announcing this recommended cash acquisition of Kitwave, a high-quality national distribution platform within the attractive UK grocery and foodservice wholesale market.

“Kitwave has established a reputation for excellence in service quality, product availability and customer and supplier relationships, and we are excited to partner with Kitwave and the management team for the next phase of growth.”

Kitwave CEO Ben Maxted said: “Since becoming a public company in 2021, Kitwave has rapidly transformed from a regional foodservice operator into an enlarged UK-wide delivered wholesale business.

“OEP has an excellent track record of helping businesses like Kitwave to significantly scale and the board believes that becoming a private company will provide greater financial flexibility to achieve its ambitions.

“We are excited by the prospect of working with OEP on the next chapter of our growth. At the same time, I would like to thank shareholders for the support they have provided the Company since being a public company.”