The company announced that this transaction embodies the realization of its strategic growth and vertical integration plan. Notably, this move strengthens NewPrinces’ presence throughout Italy while also bringing production and distribution closer together.
As a result of the deal, the group now ranks as the second-largest agri-food operator in Italy by revenue. Furthermore, it has become the largest employer in the food and beverage sector.
Specifically, NewPrinces employs 13,000 people directly in Italy and over 18,000 worldwide. Additionally, the company collaborates with 11,000 individuals through external partnerships.
Importantly, the agreement includes a network of more than 1,000 stores across Italy. This extensive network provides a strategic foundation for consolidating the company’s commercial presence.
Looking ahead, the strategy for the newly branded Princes Retail involves a gradual relaunch of the GS Italian supermarket brand. This will come with new market positioning and a phased expansion plan.
Moreover, this development follows the announcement from the UK arm, Princes Group, which revealed its intentions to pursue an acquisition trail after its successful listing on the London Stock Exchange.
Angelo Mastrolia, chairman of NewPrinces Group, stated: “The completion of this transaction marks a strategic milestone for our Group. With the addition of Carrefour Italia, NewPrinces Group reaches an unprecedented scale, with consolidated revenues of approximately €7 billion and a shareholder’s equity figure that we expect to exceed €1.1 billion by year-end, accompanied by a positive net financial position between €150 and €200 million on an ex-IFRS 16 basis.”
“These results further strengthen the solidity of our industrial model and confirm the validity of the transactions completed during the year: from the IPO of Princes Group to the acquisition of Diageo Operations Italy and Carrefour Italia, together with the transactions we will complete by 2025, such as the acquisition of Plasmon, generating significant and sustainable value for the entire Group.”
“The integration of Carrefour Italia also represents a concrete opportunity for us to strengthen a fundamental element of our identity: the relationship between industry and retail.”
Notably, the transaction has received approval from the European Commission, which decided not to raise any objections.
