International food and beverage group Princes today announces that Italian company Newlat Food S.p.A (‘Newlat’) intends to acquire the entire Princes Group (‘Group’) from Mitsubishi Corporation, encompassing all current operations and brands in a deal valued at £700 million. It is currently owned by Mitsubishi Corporation.
CEO Simon Harrison said that “This is an exciting prospect for Princes, and we are delighted that Newlat shares our confidence in the Group’s strategic growth plans, brand strategy, operational excellence and people culture. The planned sale remains an ongoing process and further information will be shared in due course.”
With a global supply network and a portfolio of branded and own-brand customer products, Princes is one of the largest food and beverage groups in the United Kingdom. The Group specializes in the manufacture and supply of quality products and, as a leading international grocery supplier, millions of consumers in the UK and Europe buy its brands or private label products every day.
Princes is headquartered in the United Kingdom (Liverpool) with a presence in continental Europe, managed from the Netherlands.
Newlat has operations in 4 countries, namely Italy, United Kingdom, 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.
Upon completion of the planned acquisition of the Group, Newlat Food S.p.A and its group will become the ‘New Princes Group’. Princes Limited will retain its identity and will operate as a subsidiary of the New Princes Group based in the United Kingdom. The new Princes Group will have a global operating network of 31 factories and a diversified portfolio in 10 different categories.
