NewPrinces Spa has unveiled plans to float its subsidiary, Princes Group Plc, on the Main Market of the London Stock Exchange via an initial public offering. The IPO will consist solely of newly issued shares, with the aim of raising primary capital to fund an ambitious programme of inorganic growth, particularly through acquisitions. The parent company stressed it will not sell down its stake.
“This is a pivotal moment in the history of Princes Group,” said Angelo Mastrolia (pictured), executive chairman of NewPrinces. The listing, he added, demonstrates “long-term confidence in the company, the strength of its management, and the breadth of opportunities ahead.” The proceeds, Mastrolia argued, will accelerate the group’s transformation “into a diversified multinational in the food and beverage sector.” He pointed to progress in post-acquisition synergies and highlighted further potential in operational efficiency, supply-chain optimisation, and the creation of an integrated commercial platform. “We have a concrete pipeline of M&A opportunities,” he said, signalling interest in new geographies and product categories.
Ahead of admission, Princes Group will absorb Symington’s Limited, Newlat GmbH, and Princes France Sas, collectively forming the so-called Acquisition Perimeter. The listed entity will thus comprise Princes Group, its existing subsidiaries (including Princes Italia, Princes Tuna Mauritius, Edible Oils Limited, and Princes Foods BV), as well as the newly acquired firms.
Carrefour Italia and Centrale del Latte d’Italia, however, will remain outside the perimeter for now, held directly by NewPrinces. Over time, the parent may consider transferring Targeting Growth Through Acquisitions and the company that owns the Plasmon brand into the listed group.
Post-IPO, Princes will operate through five business units—foods, fish, Italian, oils and drinks—with 23 production sites across the UK, continental Europe, and Mauritius, employing roughly 7,800 staff and serving more than 8,000 customers worldwide. Its portfolio spans heritage brands such as Princes, Napolina, Branston, Batchelors, Flora Crisp ’N Dry, Delverde, Naked Noodle, and Vier Diamanten.
PRO FORMA NUMBERS
On a pro forma basis, the IPO perimeter generated:
- FY2024 (to 31 Dec): revenues of around £2.1 billion, adjusted EBITDA of £122.3 million, with a margin of 5.95%.
- H1 2025 (to 30 Jun): revenues of £964.2 million, adjusted EBITDA of £71.2 million, with a margin of 7.38%.
PRINCES GROUP STRATEGY AND POSITIONING
After the listing, NewPrinces will remain the majority shareholder, retaining control of Princes Group. While Princes will be focused squarely on food and beverages, the parent company will pursue a broader strategy as an integrated FMCG player, with activities spanning distribution, logistics, packaging, and related services.
The IPO has been structured to ensure Princes Group’s share capital qualifies for inclusion in the FTSE UK indices—an outcome that should enhance visibility and transparency with investors.