Italy-based Newlat Food has announced the successful completion of the acquisition of Princes Limited. The acquisition, valued at £700 million, encompasses all current operations and brands of Princes, which will function as a subsidiary under the newly formed New Princes Group.
In May, Newlat revealed its plans to acquire Princes from Mitsubishi Corporation, following a brief pause in negotiations in February. The renaming of Newlat to New Princes Group is expected to be finalized by the end of the year, pending the completion of necessary processes.
The combined New Princes Group will boast a turnover of €2.8 billion, a global network of 31 plants, and a workforce of approximately 8,800 employees across more than 30 brands, according to Foodbev magazine.
NEWLAT FOOD BY THE NUMBERS
Newlat Food is an international agro-food group with a strong heritage, producing and distributing a variety of specialty food products, including dairy, baby food, pasta, and bakery items, under its brands as well as private labels. Newlat operates in four countries: Italy, the UK, Germany, and France, and it is listed on the Milan Stock Exchange.
THE MERGER
This merger significantly expands the product category offerings available to customers, positioning the group as one of Europe’s leading multi-brand and multi-product food companies. Princes, recognized as one of the UK’s largest food and drink groups, has a robust global supply network and a portfolio of well-established brands. The company specializes in manufacturing and sourcing high-quality products, serving millions of consumers across the UK and Europe daily.
Simon Harrison, CEO of Princes, said: “Today marks the start of an incredible new chapter in the 140-year history of Princes. Newlat has shown clear support for our strategic growth plans, and we are excited about the historic opportunity that being part of New Princes Group will represent for our customers and our people.”
Angelo Mastrolia, chairman of Newlat, commented: “Today, with the acquisition of Princes, a vision that began 20 years ago becomes a reality. This acquisition marks a significant milestone as we become one of Europe’s foremost food and beverage industry leaders. Together, we will offer European and global consumers premium products crafted with great expertise, drawing from rich culinary traditions across Europe.”
New Princes Group has ambitious goals for the future, aiming for a turnover of €5 billion by 2030, with an EBITDA of €317 million and a net income exceeding €100 million. The leadership structure of Princes Limited will feature a new board of directors, including Mastrolia as Chairman and Harrison as CEO. The board will focus on implementing commercial and operational synergies while driving the Group’s business development.
