Italy’s Newlat Food is contemplating an initial public offering (IPO) along with a listing on the London Stock Exchange following the integration of Princes Group into its operations.
In a statement regarding its first-quarter results, Newlat indicated that it is evaluating, “among other things, an initial public offering and listing of a substantial part” of the newly renamed NewPrinces business.
Newlat acquired the UK-based food and beverage company Princes for £700 million (approximately $893.6 million) from the Japanese conglomerate Mitsubishi Corp. in June of last year.
Chairman Angelo Mastrolia highlighted in the latest filing that the integration of the canned foods and juices manufacturer has been completed swiftly, enabling the company to harness synergies right from the start. Newlat has positioned Princes as the central hub for its international food operations.
The company noted, “A potential IPO may provide a tangible opportunity to fully drive the growth potential of the food & drink business, while also enabling the business to secure additional financial resources to accelerate its external growth strategy.” However, it clarified that “at this stage, no decisions have been made, and there can be no certainty that any such transaction or changes will proceed.”
For the period ending March 31, the owner of the Mukki brand reported €672.7 million ($753.3 million) in consolidated revenues, reflecting a 3.9% decline compared to the previous year. This decline was attributed to “an adjustment in selling prices in a deflationary market environment.”
Despite this, consolidated net profit soared to €13.5 million, marking a 61.4% increase from 2024. Gross profit surged by 277% to reach €126 million.
Additionally, consolidated EBIT rose dramatically by 392% to €28.9 million, while consolidated EBITDA experienced a growth of 62.5% to €52.7 million. In adjusted consolidated terms, EBITDA increased by 30.5% to €54.8 million.
Already eyeing an expansion of its beverage production, Newlat announced plans on May 13 to acquire a Diageo production facility in Italy that was slated for closure. This exclusivity agreement for the Santa Vittoria d’Alba facility aims to strengthen the company’s position in the food and drink market, where it currently generates €350 million in sales from beverages in the UK.
As Newlat Food evaluates its future strategies in the food and beverage industry, including a potential IPO, it aims to leverage its recent acquisition of Princes to fuel growth and adaptability in response to evolving food and drink consumer trends.
