The £700m acquisition of Liverpool-based Princes by Italian firm Newlat has been finalised.
This deal, which includes all current operations and brands of Princes, signifies a major shift in the food sector.
Acquisition Details
Newlat announced the acquisition in May 2024, including all operations and brands of Princes. The deal, valued at £700m, marks a significant milestone for both companies.
Rebranding to New Princes Group
Newlat plans to rebrand as New Princes Group by year’s end, combining Newlat and its subsidiaries with Princes. This rebrand envisions a turnover of €2.8bn, 31 manufacturing sites, 8,800 employees, and over 30 brands.
Leadership Changes
Simon Harrison will be supported by a UK-based operating board, with Barry McDonnell and Joe Dent continuing as chief operations officer and chief people officer, respectively.
Future Growth and Opportunities
Princes’ large international manufacturing platform and iconic brands are expected to drive future growth under the New Princes Group umbrella.
Historic Context
It embodies the essence of the food and beverage industry through its history and mission.
Strategic Vision
The combined expertise in own label products and international manufacturing will enhance Princes’ market position.
Statements from Leadership
He added, “We are excited to realise the historic opportunity being part of New Princes Group will represent for our customers and our people.”
In conclusion, the completion of the £700m acquisition of Princes by Newlat ushers in a new era for the 140-year-old company.
With significant growth opportunities and a strategic vision for the future, Princes is set for a bright future under the New Princes Group.