Liverpool-based food and drink group Princes has announced that its acquisition by Italy’s Newlat Food is complete.
In May, Newlat agreed a £700m acquisition of Princes from Mitsubishi Corporation. Concurrently, Newlat announced that it would rename itself as the ‘New Princes Group’, comprising Newlat and its existing subsidiaries along with the addition of Princes. The renaming is expected to be completed by the end of this year.
The combined ‘New Princes Group’ will have a turnover of €2.8bn, a global network of 31 plants, 8,800 employees, and over 30 brands.
Chief Executive Officer of Princes, 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, added: “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 & beverage industry in its history and mission. This acquisition marks a significant milestone, as we become one of Europe’s foremost food & 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.”
Last month, the group announced that its goal was to achieve a turnover of €5bn by 2030 and EBITDA of €317m. “We are ready to embrace the future with optimism and excitement as we embark on this new journey together,” Mastrolia concluded.
Princes will be led by a new Board of Directors consisting of Mastrolia as Chairman, Simon Harrison as CEO, Fabio Fazzari as Chief Financial Officer, and Giuseppe Mastrolia as Director.
The new Board of Directors will be supported by a UK-based Operating Board with a number of new leaders reporting into Harrison. Barry McDonnell and Joe Dent continue their roles as Chief Operations Officer and Chief People Officer, Ian Rooney joins as Chief Supply Chain Officer, Connie Emerson as Chief Strategy Officer, and Neil Bohannon and Ruth Simpson as Chief Procurement Officer and Chief Commercial Officer, respectively.
Earlier this week, it was revealed that Princes moved back into the black during its last financial year.
