The CEO of global food and drink group Princes says the company is set for an “incredible new chapter" after its £700m takeover by Italian group Newlat Food completed.
The deal was first announced in May and will create a sector giant with a turnover of €2.8bn, 8,800 employees and more than 30 brands.
The new group will be renamed “New Princes Group” by the end of the year and managers say it will become “one of the leading multi-brand and multi-product food companies in Europe”.
As well as its own brand products including Princes tinned fish and Crosse & Blackwell soups, Princes also makes products including Branston baked beans, Batchelors tinned peas and Flora-branded sunflower oil.
READ MORE: Liverpool-based Princes Group swings to profit
Princes’ head office is in the Royal Liver Building in Liverpool. Its global operations include a European hub in the Netherlands, tuna processing facilities in Mauritius, and tomato processing facilities in Italy. Earlier this year, it secured a deal to start packing Capri-Sun juice pouches in the 海角视频.
Newlat’s product range includes dairy products, baby food, pasta, instant hot snacks and other specialty food products under its own brands and for other brands. The Milan-listed group has operations in Italy, France and Germany, as well as owning the Symington’s business, which is based in Leeds.
Princes was previously owned by Japanese group the Mitsubishi Corporation. Just last week, it announced it had returned to profit.
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Simon Harrison, chief executive officer of Princes, 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.”
Newlat chairman 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.
“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 €317m, a net income exceeding €100 million, a FCF (free cash flow) above €170, 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 Ltd will be led by a new board of directors including Mr Mastrolia as chairman, Mr Harrison as CEO, Fabio Fazzari as chief financial officer, Giuseppe Mastrolia as director focusing on business development, and Benedetta Mastrolia as director focusing on communications.
They will be supported by a 海角视频-based operating board with leaders reporting into Mr 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 and Connie Emerson as chief strategy officer, along with Neil Bohannon and Ruth Simpson as chief procurement officer and chief commercial officer respectively.
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