Italian food-and-drinks group NewPrinces is reportedly looking to float its UK unit Princes in London in October.
NewPrinces CEO Angelo Mastrolia told the Italian daily Corriere della Sera the company was eyeing a listing in the middle of the month.
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“The stock market is a great opportunity. For us, listing has been strategic at every stage of our growth,” Mastrolia was quoted as saying.
The then Newlat Food snapped up UK food-and-drinks supplier Princes from Japan’s Mitsubishi Corp. in May last year for £700m (then $893.6m).
After the deal, the company renamed itself NewPrinces. If the Princes arm is floated, it will be the third element of the business to be listed after NewPrinces itself and Italian dairy arm Centrale del Latte d’Italia.
Earlier this month, NewPrinces announced a deal to buy Kraft Heinz’s Italian baby-food business. Under the terms of the transaction, NewPrinces is paying €120m ($140m) for assets including five brands: Plasmon, Nipiol and Dieterba infant food; plus gluten-free brand Biaglut and low-protein products sold under the Aproten brand.
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By GlobalDataIn May, the company acquired a Diageo drinks plant in Italy that had been earmarked for closure.
Mastrolia told Corriere della Sera NewPrinces was weighing up further acquisitions.
“We are evaluating further deals because our strategy is to reach €5bn in revenue by 2030 through external growth, targeting a net profit of €100m,” Mastrolia was quoted as saying.
In the first quarter of 2025, NewPrinces generated revenues of €672.2m, a dip from the €699.9m made in the corresponding period of 2024. EBIT stood at €28.9m, against €5.9m a year earlier. NewPrinces booked a first-quarter net profit of €13.5m, versus a loss of €2.2m the year previous.
In March, the then Newlat Food booked accounts for 2024 that included results from Princes if the UK group had joined the fold at the start of the year. On that basis, the companies’ combined consolidated revenues stood at €2.8bn.
Mastrolia also confirmed the Italian group had bought the Royal Liver Building in Liverpool in which Princes had leased office space.
