The latest news, trends, analysis, interviews and podcasts from the global food and beverage industry

Princes Limited has announced the successful completion of its acquisition by Italy-based Newlat Food.

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 finalised 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.

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, recognised 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 specialises 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.”

He added: “With iconic brands, own label expertise, and a large international manufacturing platform, Princes is set for a very bright future as part of New Princes Group".

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,” he noted.

“Together, we will offer European and global consumers premium products crafted with great expertise, drawing from rich culinary traditions across Europe,” he affirmed.

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. “We are ready to embrace the future with optimism and excitement as we embark on this new journey together,” Mastrolia stated,

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.

Princes Limited’s head office is located in Liverpool, UK, with additional operations across continental Europe managed from The Netherlands.

The company also has dedicated sales and marketing offices in Poland, tuna processing facilities in Mauritius, tomato processing in Italy, and edible oils production in Poland.

Newlat Food is an international agro-food group with a strong heritage, producing and distributing a variety of speciality food products, including dairy, baby food, pasta and bakery items, under its own 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.

#NewlatFood #PrincesGroup #acquisition