Newlat Food closed its purchase of Liverpool, U.K.-based food and drink group Princes Limited from Mitsubishi on Tuesday, 30 July.
The GBP 700 million (USD 894 million, EUR 822.3 million) deal was first announced in May 2024 after a multi-year sale process. With its finalization, Newlat has begun the process of renaming itself the New Princes Group, with the process expected to be completed by the end of the year.
“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 realize the historic opportunity being part of New Princes Group will represent for our customers and our people,” Princes CEO Simon Harrison said in a press release. “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.”
The combined group will have annual sales of EUR 2.8 billion (USD 3 billion) via sales of 30 brands, with products made via a global network of 31 plants. It has set the goal of achieving EUR 5 billion (USD 5.4 billion) in sales, an EBITDA of EUR 317 million (USD 342.8 million), net income surpassing EUR 100 million (USD 108.1 million), and shareholder equity of EUR 700 million (USD 757 million).
“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,” Newlat Chairman Angelo Mastrolia said. “We are ready to embrace the future with optimism and excitement as we embark on this new journey together."
Mastrolia said the New Princes Group plans to double its product category offering to customers, “becoming one of the leading multi-brand and multi-product food companies in Europe.”
"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 and beverage industry in its history and mission. This acquisition marks a significant milestone as we become one of Europe’s foremost food and beverage industry leaders with an exceptional portfolio spanning 10 diverse categories,” Mastrolia said. “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.”
Princes Limited will be led by a new board of directors with Mastrolia as chairman, Harrison as CEO, Fabio Fazzari as chief financial officer, and Giuseppe Mastrolia as commercial and operational director, and Benedetta Mastrolia as communications director.
Princes will also be supported by a U.K.-based operating board that will include Harrison, Barry McDonnell as chief operations officer, Joe Dent as chief people officer, Ian Rooney as chief supply chain officer, Connie Emerson as chief strategy officer, Neil Bohannon as chief procurement officer, and Ruth Simpson as chief commercial officer.
