Italian firm Newlat has completed the £700m acquisition of Liverpool food giant Princes from Mitsubishi Corporation.
It was announced in May 2024 that Newlat had agreed to the deal, which includes all current Princes operations and brands.
Newlat also announced its intention rebrand as New Princes Group, comprising 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 manufacturing sites, 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 reporting into CEO Simon Harrison. Barry McDonnell and Joe Dent continue their roles as chief operations officer and chief people officer.
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.
“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.”
