Newlat Food, the Italian multinational, has signed an agreement to acquire 100% of the share capital of Princes Limited, a venerable British food group currently owned by Mitsubishi Corporation, for £700 million (approximately €820 million). The merger of Newlat Food and Princes will create the largest Italian food company listed on Euronext Milan.
With the acquisition of Princes, Newlat Food is set to achieve consolidated revenues of around €3 billion and gain a strong foothold in new categories within the British market, as stated by the Italian firm. The group will double its product offerings, becoming one of the leading multi-brand and multi-product companies in the European food sector, bolstered by a unique production capacity spanning 31 plants. The transaction is expected to close by the end of July. Following the announcement, Newlat’s shares rose by nearly 7%.
Newlat’s intention to acquire Princes was initially revealed in December 2023, when the Italian company announced it was in “very advanced” discussions to purchase the British food and beverage supplier. Newlat’s chairman, Angelo Mastrolia (pictured), emphasized the strategic value of the acquisition, noting that it would create significant value for all stakeholders.
Headquartered in Liverpool, UK, Princes is one of the largest food and drink groups in the UK. With a global supply network and a diverse portfolio of branded and private label products, Princes operates extensively across Europe, with facilities in Poland, Italy, and Mauritius, among other locations. Key brands under Princes include Flora sunflower oil and the Napolina range of Italian-style sauces and ingredients.
“This transaction marks a pivotal step in our growth strategy,” said Angelo Mastrolia, Chairman of Newlat Food. “Princes Limited is a prestigious company, and integrating its operations with Newlat Food allows us to further consolidate our leadership in the food sector. Upon completion of the acquisition, Newlat Food will emerge as one of the largest food companies listed on the Milan Stock Exchange, reinforcing its position as an international powerhouse.”
Newlat Food is listed on the Milan Stock Exchange and specializes in dairy, baby food, pasta, bakery, gluten-free products, and instant hot snacks. The company operates in Italy, the UK, Germany, and France through subsidiaries like Centrale del Latte d’Italia and Symington’s.