New chapter beckons for foods group Princes after £700m acquisition completes
A ‘new chapter’ beckons for Liverpool-based foods group Princes after its £700m acquisition by Italian-based Newlat Food S.p.A.
Princes, which is based in the city’s Royal Liver Building, will now become a subsidiary of Newlat, and renamed New Princes Group, with the aim to achieve revenues of €5bn by 2030.
In May, Newlat announced it had agreed to a £700m acquisition of Princes from Mitsubishi Corporation, encompassing all current operations and brands.
It has acquired the business from Japanese conglomerate Mitsubishi, which bought Princes in 1989.
The combined ‘New Princes Group’ will have a turnover of €2.8bn, a global network of 31 plants, 8,800 staff, and more than 30 brands.
The New Princes Group will double its product category offering to customers, becoming one of the leading multi-brand and multi-product food companies in Europe.
Princes was originally founded in Liverpool in 1880 as Simpson & Roberts.
It manufactures and sources products and from its head office in Liverpool has dedicated sales and marketing offices in Poland, tuna processing facilities in Mauritius, tomato processing in Italy and edible oils production in Poland.
It is one of the UK’s largest food and drink groups with a global supply network, a portfolio of established brands and heritage as a trusted supplier of customer own brand products.
Princes’ portfolio of licenced and owned brands includes Branston, Batchelors’, Flora, Olivio, Crisp ‘n’ Dry, Jucee and Princes itself.
Its chief executive, Simon Harrison, said: “Today marks the start of an incredible new chapter in the 140-year history of Princes. Newlat has been clear of its support for our strategic growth plans and we are excited to realise the historic opportunity being part of New Princes Group will represent for our customers and our people.
“The complementary nature of Newlat and Princes, and their distinct portfolios present significant growth opportunities. With iconic brands, own label expertise and a large international manufacturing platform, Princes is set for a very bright future as part of New Princes Group.”
Chairman of Newlat, Angelo Mastrolia, said: “Today, with the acquisition of Princes, a vision that began 20 years ago becomes a reality. What started as a small family business has now grown into a dynamic multinational company, embodying the essence of the food and beverage industry in its history and mission. This acquisition marks a significant milestone, as we become one of Europe’s foremost food and beverage industry leaders with an exceptional portfolio spanning 10 diverse categories.
“Princes is a cornerstone of this journey, bringing unparalleled value with its rich heritage, iconic brands, and unwavering commitment to quality. Together, we will offer European and global consumers premium products crafted with great expertise, drawing from rich culinary traditions coming from all across Europe.”
He added: “We are building a robust and financially resilient group of around 8,800 employees, providing investors and stakeholders a unique opportunity to be part of an ambitious growth story. As announced last month in Milan, our goal is to achieve by 2030 a turnover of €5bn, an EBITDA of €317mn, a net encome exceeding €100m, a FCF above €170m, and shareholder equity surpassing €700m. We are ready to embrace the future with optimism and excitement as we embark on this new journey together.”
Princes Limited will be led by a new board of directors consisting of Angelo Mastrolia as chairman, Simon Harrison as CEO, Fabio Fazzari as chief financial officer, Giuseppe Mastrolia as director, focusing specifically on implementing commercial and operational synergies and driving the group’s business development, and Benedetta Mastrolia as director to ensure effective communication of important developments within the group to analysts and investors.
The new board of directors will be supported by a UK-based operating board with a number of new leaders reporting into CEO Simon Harrison. Barry McDonnell and Joe Dent continue their roles as chief operations officer and chief people officer, respectively, Ian Rooney joins as chief supply chain officer, Connie Emerson as chief strategy officer, along with Neil Bohannon and Ruth Simpson as chief procurement officer and chief commercial officer, respectively.
Newlat is an international agro-food group with a strong heritage, producing and distributing dairy, baby food, pasta, bakery, gluten free, instant hot snacks and other specialty food products mainly under its own brands as well as private label.
Newlat has operations in four countries, namely Italy, UK, Germany and France, through its subsidiaries Centrale del Latte d’Italia, Symington’s, Newlat GmbH and EM Foods. Newlat Food S.p.A and its subsidiary Centrale del Latte d’Italia are both listed on the Milan Stock Exchange.
