International tinned meat producer Princes Limited has announced that its acquisition by Newlat Food S.p.A is complete.
Princes and Newlat will come together to form ‘New Princes Group’, with the renaming expected to be completed by the end of 2024.
The combined ‘New Princes Group’ is intended to have a turnover of €2.8 billion, a global network of 31 plants, 8,800 employees and over 30 brands, with New Princes Group revealing that it will double its product category.
Newlat previously agreed to a £700 million acquisition of Princes from Mitsubishi Corporation, encompassing all current operation and brands.
Chairman of Newlat, Angelo Mastrolia, stated: “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 last month 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.”
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.”
