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Italian food group Newlat has announced the acquisition of the entire share capital of Princes, the diversified UK food and drinks company.
The acquisition, valued at £700 million ($896 million), encompasses all current operations and brands of Princes, which will function as a subsidiary under the newly formed New Princes Group.
New Princes Group will double its product category to over 30 brands, with a turnover of €42.8 billion ($46.74 billion), a global network of 31 facilities and a workforce of 8,800 employees.
Angelo Mastrolia, Newlat chairman, said: “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 CEO Simon Harrison added: “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”.
Source: Newlat / Princes Group
