Despite the keen interest from multiple parties, there is uncertainty surrounding a potential deal, and it is “unclear” when a deal might be concluded nor whether Newlat or Epiris are willing to pay the speculated asking price of £400m ($502.6m).
Both Newlat and Epiris declined to comment when contacted for further details. This lack of confirmation adds to the ongoing speculation about the potential sale of Princes.
It is worth noting that back in January, financial-markets news publication Debtwire reported that Mitsubishi had appointed M&A advisers at Houlihan Lokey to handle a sale process. Upon reaching out to a spokesperson for Mitsubishi at the time, they mentioned that “no decision” had been made on Princes. They also declined to comment when asked if Mitsubishi had hired bankers to oversee a potential sale, simply stating: “We are always looking to seek opportunities to grow the company.”
Princes, based in Liverpool in north-west England, was acquired by Mitsubishi in 1989. The company’s product range currently includes canned food, shelf-stable drinks, edible oils, and beverages.
Princes had generated revenue of £1.44bn in the year to 31 March 2022, a decrease of 8% on the previous 12 months. The company attributed this reduction to lower sales volumes, higher tax expenses, and the absence of an asset sale that had boosted the previous year’s profits.
As the company looks for new ownership, it faces the possibility of a promising future in the food and beverage industry. With the interest from potential buyers, Princes could see an upsurge as it adapts to food and beverage consumer trends in the UK and globally. This acquisition signifies ongoing food and beverage industry trends and the potential for growth in the near future.
