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Italy-based food manufacturer Newlat has revealed it is in “very advanced” talks to buy British food and beverage supplier Princes, in a report by Reuters. It was reported last week that Newlat and British buyout firm Epiris were competing to purchase Princes from Japanese owner Mitsubishi, which the report said is seeking a price of £400 million. In a statement, Newlat said it was involved in a "competitive process" for a deal. "(Our) Chairman, Angelo Mastrolia, and the entire management team are committed to seizing a great strategic opportunity capable of creating value for all stakeholders of the group," it added. Princes supplies tinned fish and fruit under its own name brand, while it also has other brands such as Flora sunflower oil and the Napolina range of Italian-style sauces and ingredients. Newlat operates in sectors including pasta, milk and dairy, instant noodles and bakery products. Princes was established in 1880 as a fish importer in Liverpool, UK, where it retains its international headquarters. It has been owned by Mitsubishi since 1989.