UK – Newlat Food has successfully completed the acquisition of Princes Group, an international food and drink conglomerate known for the manufacture, import, and distribution of branded and customer own-brand products.
According to company statement, the £700 million (US$757.3M) acquisition includes all Princes’s current operations and brands, which will now function as a subsidiary under the newly established New Princes Group.
The acquisition process began in May when Newlat announced its intention to acquire Princes from Mitsubishi Corporation, following a brief pause in negotiations in February.
The transition, including the renaming of Newlat to New Princes Group, is expected to be finalized by the end of the year, pending the completion of necessary administrative processes.
The newly combined New Princes Group is set to have a turnover of €2.8 billion (US$3B), supported by a global network of 31 plants and a workforce of approximately 8,800 employees spread across more than 30 brands.
This merger will significantly expand the product category offerings to customers, positioning New Princes Group as one of the leading multi-brand and multi-product food companies in Europe.
Princes, one of the UK’s largest food and drink groups, boasts a global supply network and a portfolio of well-established brands. The company also has a strong reputation as a trusted supplier of customer own-brand products.
Simon Harrison, CEO of Princes, stated: “Newlat has been clear of its support for our strategic growth plans and we are excited to realize the historic opportunity being part of New Princes Group will represent for our customers and our people. 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, highlighted, “As announced in June 2024 in Milan, our goal is to achieve by 2030 a turnover of €5 billion (US$5.4B), an EBITDA of €317 million (US$343M), a net Income exceeding €100 million (US$108.2M), a FCF above €170 million, and shareholder equity surpassing €700 million (US$183.9M). We are ready to embrace the future with optimism and excitement as we embark on this new journey together.”
The leadership structure of Princes Limited will feature a new board of directors, with Mastrolia serving as Chairman and Harrison continuing as CEO.
The board will focus on implementing commercial and operational synergies while driving the group’s business development.
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