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Italian agro-food group Newlat Food has reignited its intention to acquire UK-based Princes Group from Mitsubishi Corporation. The transaction, valued at £700 million, marks a major consolidation move, following a previously stalled negotiation earlier this year. 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. At that time, Newlat was competing with British buyout firm Epiris, with Mitsubishi seeking a price of £400 million. Newlat's chairman, Angelo Mastrolia, emphasised the strategic value of the acquisition, noting that it would create significant value for all stakeholders. However, negotiations ceased in February 2024 when Mitsubishi rejected a revised proposal from Newlat. This revised offer took into account lower demand and challenging price dynamics in the UK market. Despite the setback, Newlat expressed willingness to revisit the transaction if Mitsubishi reconsidered its stance. Simon Harrison, CEO of Princes Group, commented on the renewed acquisition talks: “This is an exciting prospect for Princes, and we are delighted that Newlat shares our confidence in the Group’s strategic growth plans, brand strategy, operational excellence, and people culture. The intended sale remains an ongoing process, and further information will be shared in due course.” 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. Newlat Food listed on the Milan Stock Exchange, specialises 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. Following the acquisition, the combined entity will be rebranded as New Princes Group, with Princes Limited retaining its identity as a UK-based subsidiary. The merger will establish a significant player in the European food industry, with a projected revenue of approximately €2.8 billion and an adjusted EBITDA of around €190 million. The New Princes Group will operate 31 factories and offer a diversified portfolio across 10 distinct categories. Management anticipates substantial growth, aiming to increase the group's turnover to €5 billion by 2030. This growth is expected to stem from leveraging combined expertise, commercial networks and realising cost and structural synergies. The transaction is subject to several customary regulatory approvals, finalisation of the Group’s audited accounts, and consultations with the European and Dutch Works Councils.