Newlat Food S.p.A completes acquisition of Princes Limited

Credit: Princes Limited

International food and drink group Princes Limited has announced that its acquisition by Newlat Food S.p.A is complete.

In May 2024, Newlat announced that it had agreed to a £700 million acquisition of Princes from Mitsubishi Corporation, encompassing all current operations and brands. Concurrently, Newlat announced that it will rename itself as ‘New Princes Group’, comprising Newlat and its existing subsidiaries along with the addition of Princes. The renaming is expected to be completed by the end of 2024, as soon as the related processes are completed.

The combined New Princes Group will have a turnover of €2.8 billion, a global network of 31 plants, 8,800 employees and over 30 brands.

The New Princes Group will double its product category offering to customers, becoming one of the leading multi-brand and multi-product food companies in Europe.

Princes is one of the UK’s largest food and drink groups with a global supply network, a portfolio of established brands and heritage as a trusted supplier of customer own brand products. The company specialises in manufacturing and sourcing quality products and, as a leading international grocery supplier, millions of consumers across the UK and Europe buy its brands or own label products every single day.

Chief Executive Officer of Princes, Simon Harrison, said: “Today marks the start of an incredible new chapter in the 140-year history of Princes. Newlat has been clear of its support for our strategic growth plans and we are excited to realise the historic opportunity being part of New Princes Group will represent for our customers and our people.

“The complementary nature of Newlat and Princes, and their distinct portfolios, present significant growth opportunities. 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,” Harrison concluded.

Chairman of Newlat, Angelo Mastrolia, added: “Today, with the acquisition of Princes, a vision that began 20 years ago becomes a reality. What started as a small family business has now grown into a dynamic multinational company, embodying the essence of the food & beverage industry in its history and mission. This acquisition marks a significant milestone, as we become one of Europe’s foremost food & beverage industry leaders with an exceptional portfolio spanning 10 diverse categories.

“Princes is a cornerstone of this journey, bringing unparalleled value with its rich heritage, iconic brands and unwavering commitment to quality. Together, we will offer European and global consumers premium products crafted with great expertise, drawing from rich culinary traditions coming from all across Europe.

“We are building a robust and financially resilient group of around 8,800 employees, providing investors and stakeholders a unique opportunity to be part of an ambitious growth story. As announced [in June 2024] in Milan, our goal is to achieve by 2030 a turnover of €5 billion, an EBITDA of €317 million, a Net Income exceeding €100 million, a FCF above €170 million and shareholder equity surpassing €700 million. We are ready to embrace the future with optimism and excitement as we embark on this new journey together.”

Princes Limited will be led by a new Board of Directors consisting of Angelo Mastrolia as Chairman, Simon Harrison as CEO, Fabio Fazzari as Chief Financial Officer, Giuseppe Mastrolia as Director (focusing specifically on implementing commercial and operational synergies and driving the Group’s business development) and Benedetta Mastrolia as Director (to ensure effective communication of important developments within the Group to analysts and investors).

The new Board of Directors will be supported by a UK-based Operating Board with a number of new leaders reporting into CEO Simon Harrison. Barry McDonnell and Joe Dent continue their roles as Chief Operations Officer and Chief People Officer, respectively. Ian Rooney joins as Chief Supply Chain Officer, Connie Emerson as Chief Strategy Officer, along with Neil Bohannon and Ruth Simpson as Chief Procurement Officer and Chief Commercial Officer respectively.

Princes Limited’s head office is based in the UK (Liverpool) and supported by a presence across continental Europe, managed from the Netherlands. There are also dedicated sales and marketing offices in Poland, tuna processing facilities in Mauritius, tomato processing in Italy and edible oils production in Poland.

Newlat is an international agro-food group with a strong heritage, producing and distributing dairy, baby food, pasta, bakery, gluten free, instant hot snacks and other specialty food products mainly under its own brands, as well as private label. Newlat has operations in four countries, namely Italy, the UK, Germany and France, through its subsidiaries Centrale del Latte d’Italia, Symington’s, Newlat GmbH and EM Foods. Newlat Food S.p.A and its subsidiary Centrale del Latte d’Italia are both listed on the Milan Stock Exchange.