Italy's Newlat Food has completed the acquisition of food and drink firm Princes Limited from Mitsubishi Corporation.
The completion of the transaction will see Newlat renaming itself as ‘New Princes Group’, comprising Newlat and its existing subsidiaries along with the addition of Princes.
The combined ‘New Princes Group’ will generate a turnover of €2.8 billion, a global network of 31 plants, 8,800 employees, and over 30 brands, the company noted.
The company plans to double its product category offering to customers, as it seeks to become one of the top multi-brand and multi-product food companies in Europe.
Chief executive officer of Princes, Simon Harrison, described the completion of the acquisition as "the start of an incredible new chapter in the 140-year history of Princes.”
He added, “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.”
Princes Limited
With a global supply network, a portfolio of established brands and heritage as a trusted supplier of customer own-brand products, Princes is among the top food and drinks companies in the UK.
It specialises in manufacturing and sourcing quality products with millions of consumers across the UK and Europe buying its brands or own-label products every single day.
Chair of Newlat, Angelo Mastrolia, stated, "What started as a small family business has now grown into a dynamic multinational company, embodying the essence of the food and beverage industry in its history and mission. This acquisition marks a significant milestone, as we become one of Europe’s foremost food and beverage industry leaders with an exceptional portfolio spanning 10 diverse categories.”
New Leadership
The organisation will be led by a new board of directors, including Angelo Mastrolia as chair, Simon Harrison as CEO, and Fabio Fazzari as chief financial officer.
Giuseppe Mastrolia will serve as a director, focusing specifically on implementing commercial and operational synergies and driving the group's business development, while Benedetta Mastrolia as a director will ensure effective communication of important developments within the group to analysts and investors.
A UK-based operating board will support the new board of directors, with several new leaders reporting to CEO Simon Harrison.
Barry McDonnell and Joe Dent will continue to serve as chief operations officer and chief people officer, respectively.
Elsewhere, Ian Rooney will join 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.
