It was announced in May 2024 that Newlat had agreed to the £700m deal, which includes all current Princes operations and brands.
At the same time, Newlat announced its intention rebrand as New Princes Group, which comprises Newlat and its existing subsidiaries along with the addition of Princes. The rebrand is expected to be completed by the end of this year.
The combined New Princes Group will have a turnover of €2.8bn, as well as a network of 31 plants, 8,800 employees and more than 30 brands.
Moving forward, Princes will be led by a new board of directors consisting of chair Angelo Mastrolia, Simon Harrison as CEO, Fabio Fazzari as CFO and Giuseppe Mastrolia and Benedetta Mastrolia as directors. The board will be supported by a UK based operating board with a number of new leaders reporting into CEO Simon Harrison.
Commenting on the completion of the deal, Harrison 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.”
Mastrolia added that the acquisition represented the culmination of a vision that began 20 years ago.
“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,” he said.
“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.
“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.”
In other news, Gourmey has submitted an application to UK regulators for the authorisation of its cultivated foie gras.
