Italy’s Newlat Food has made a strategic move by acquiring the British company Princes for 700 million pounds ($892 million). This acquisition will expand Newlat’s product range to include Princes’ well-known tinned fish and Napolina sauces, establishing Newlat as a significant player in the food sector. The rebranding to New Princes will see the company achieve a consolidated turnover of approximately 3 billion euros ($3.25 billion) and consolidated equity exceeding 700 million euros. As a result, Newlat Food will emerge as the largest food company listed on the Milan Stock Exchange, further cementing its international presence.
This deal marks a significant milestone for Newlat, transitioning it into a billion-dollar startup or “unicorn” based in Milan. The acquisition not only diversifies Newlat’s offerings, which already include pasta, dairy products, and bakery items, but also brings a rich heritage brand into its portfolio. Princes, founded in 1880 as a fish importer in Liverpool, has been under the ownership of Mitsubishi Corporation since 1989. This historical and strategic expansion positions Newlat for robust growth and a stronger foothold in the global food industry.
