Princes Group has confirmed the UK food and drinks business plans a listing in London as it filed a registration document today (3 October).
Part of Italy’s NewPrinces, the group’s CEO Simon Harrison said a “listing on the London Stock Exchange is a natural next step in our journey”.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
In a stock exchange announcement, he added: “Beyond providing access to capital to execute our M&A ambitions, it will provide a platform to accelerate growth by expanding our product portfolio and expertise, extending our international reach, and attracting top talent as we continue building for the future.”
A source for Just Food familiar with the proceedings, who declined to be named, said Princes Group is seeking to raise around £400m ($537.9m) from the IPO.
Newlat Food snapped up Princes Group from Japan’s Mitsubishi Corp. in May last year for £700m.
After the deal, the company renamed itself NewPrinces, which went on to complete its own listing and that of its Italian dairy arm Centrale del Latte d’Italia.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataAngelo Mastrolia, the executive chair of Princes Group and CEO of the parent company, said today: “The UK is our largest market and the home of an experienced leadership team: this decision reflects our long-term confidence in the business, the strength of our management, and the scale of the opportunity ahead of us.”
He added: “As we did with the successful listing of Newlat Food in 2019, we are not selling any shares. Instead, we are raising new capital to accelerate our growth strategy and support the transformation of Princes into a truly diversified and multinational food and beverage group.”
Mastrolia reiterated Harrison’s directive that Princes Group is “actively pursuing a pipeline of tangible M&A opportunities that will unlock new geographies”.
In July, NewPrinces announced its was acquiring Carrefour’s stores in Italy after revealing a deal with Kraft Heinz for the US food group’s baby-food brands in Italy including Plasmon, Nipiol, Dieterba, Biaglut and Aproten.
Princes Group generated pro-forma revenues of £2.1bn in the year to 31 December and adjusted EBITDA of £122.3m, according to today’s filing.
In the first six months of fiscal 2025, to 30 June, pro-forma revenue stood at £964.2m with a corresponding adjusted EBITDA print of £71m.
The company operates in both branded and private-label products through its five divisions of food, fish, Italian products, cooking oils and drinks.
A selection of its brands features Princes, Napolina, Delverde and Naked Noodle.
Now headquartered in Liverpool, Princes Group has 23 production facilities located in the UK, continental Europe and Mauritius.
