International food and drink group Princes Limited has announced that its acquisition by Italian based Newlat Food S.p.A is complete.
In May, Newlat announced 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 this year, 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.
“Today marks the start of an incredible new chapter in the 140-year history of Princes," said Princes CEO Simon Harrison. "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.”
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.
