‘Incredible new chapter’ for food group Princes as £700 million takeover completes.
Italian food giant Newlat Food has completed its acquisition of food and drink firm Princes Limited from Mitsubishi Corporation. This transaction will lead to the renaming of Newlat as ‘New Princes Group,’ which will include Newlat, its subsidiaries, and Princes.
The newly formed ‘New Princes Group’ will generate a turnover of €2.8 billion, operate a global network of 31 plants, employ 8,800 people, and manage over 30 brands. The company aims to double its product category offerings to customers, positioning itself as one of the leading multi-brand and multi-product food companies in Europe.
Simon Harrison, CEO of Princes, described the acquisition as “the start of an incredible new chapter in the 140-year history of Princes.” He highlighted Newlat’s support for strategic growth plans and the significant opportunities the merger presents for customers and employees.
Angelo Mastrolia, Chair of Newlat, noted that the acquisition marks a milestone, transforming the company into one of Europe’s foremost food and beverage leaders with a diverse portfolio spanning 10 categories.
The new leadership team will include Angelo Mastrolia as chair, Simon Harrison as CEO, and Fabio Fazzari as CFO. Giuseppe Mastrolia will focus on commercial and operational synergies, while Benedetta Mastrolia will manage communications with analysts and investors. A UK-based operating board will support the leadership team, featuring several new leaders reporting to CEO Simon Harrison.
