Princes, a UK-based food and drinks manufacturer, has recently confirmed its full acquisition by Italian peer Newlat. The global canned foods maker is being sold by Mitsubishi Corp. for £700m ($893.6m). Following the transaction, Princes and Newlat Food will merge under the new name New Princes Group. The acquisition is subject to consultation with the Dutch Works Council of Princes, European Works Council, regulatory approvals, and finalization of audited accounts.
Newlat’s purchase is expected to elevate the New Princes Group’s total annual revenue to approximately €2.8bn and adjusted EBITDA to around €190m. This move is part of a strategic growth plan to achieve €5bn in annual turnover by 2030, with a focus on enhancing profitability through cost and structural synergies.
Post-acquisition, Princes will maintain its identity as a UK-based subsidiary of the New Princes Group. The company will expand its global production facilities to 31, from the current 12 plants in the UK, Europe, and Mauritius. It also collaborates with partner plants in Hungary, Spain, Italy, Canada, South America, and Thailand. Princes’ diverse portfolio includes beloved canned food brands such as Branston baked beans, Batchelors mushy peas, Crosse & Blackwell soups, Napolina Italian foods, and Jucee squash.
Liverpool-headquartered Princes distributes its range of products through major UK retailers and also serves international markets in the Pacific Rim, Middle East, and Africa. Newlat, based in Reggio Emilia, initially expressed interest in acquiring Princes last December, progressing to advanced negotiations with Mitsubishi Corp. Subsequent talks were briefly halted in February due to a revised offer being turned down.
Princes CEO, Simon Harrison, expressed enthusiasm for the acquisition, emphasizing alignment between Princes’ growth plans, brand strategy, operational excellence, and organizational culture with Newlat’s vision. Established in 2004, Newlat specializes in milk and dairy, pasta and bakery, ready-meals, and specialist snacks, including brands like Mug Shot, Delverde, Sansepolcro, and Matese.
Newlat also produces private-label gluten-free, dairy, low-protein, wheat, and baby food products, operating in Italy, Germany, the UK, and France through subsidiaries like Symington’s, EM Foods, Centrale del Latte d’Italia, and Newlat Deutschland. The intended sale of Princes to Newlat remains an ongoing process, with further details to be shared in due course.
