Italian food group Newlat has today (31 July) completed its £700m takeover of Princes, marking the start of “an incredible new chapter” for the canned supplier.
The combined group, which also includes Symington’s in the UK, will have a turnover of €2.8bn, a global network of 31 plants, 8,800 employees and more than 30 brands.
Newlat will rename itself ‘New Princes Group’ following the takeover from Mitsubishi Corporation, with the name change expected to be completed by the end of the year.
Princes CEO Simon Harrison, who took the reins in April, 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 is aiming to almost double its turnover to $5bn by 2030 following the deal.
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.”
Princes will be led by a new board of directors consisting of Angelo Mastrolia as chairman, Simon Harrison as CEO, Fabio Fazzari as CFO, Giuseppe Mastrolia as director for commercial and operations, and Benedetta Mastrolia as director for communications.
The new board 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 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.
Alongside Princes and Symington’s, Newlat also makes a range of dairy, babyfood, pasta, bakery, gluten-free, instant hot snacks and other specialty food products, mainly under its own brands as well as private label.
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