Newlat, a prominent player in the food and beverage industry, is actively exploring potential acquisitions, as indicated by the company’s chairman. Earlier attempts to acquire Princes, a UK-based food company, were unsuccessful, but Newlat remains determined to expand its portfolio.
In a recent statement accompanying the release of Newlat’s 2023 financial results, chairman Angelo Mastrolia emphasized the company’s interest in enhancing its assets through strategic acquisitions. Despite the setback in the Princes deal, Mastrolia highlighted the company’s strong financial position and access to funding from leading international banks, allowing it to pursue external growth opportunities with flexibility. Currently, Newlat is focusing on four significant opportunities that align with its strategic goals.
Last month, negotiations with Princes, owned by Mitsubishi Corp., reached a standstill after Newlat’s revised offer was declined. The company cited challenging market conditions in the UK, including softening demand and lower inflation, as factors influencing their bid.
In 2023, Newlat reported a 7% increase in revenue, reaching €793.3m, with EBIT reaching €31.3m and net income more than doubling to €15.5m. The company’s strong performance continued into the first two months of 2024, with revenue growing by 7.1% to €135.7m year on year and EBITDA increasing by 7.8% to €12.9m.
As Newlat’s M&A appetite remains strong, the company is committed to pursuing strategic opportunities to drive growth and enhance its market position in the food and drink industry.
