New Princes Group has formally unveiled plans to float the tinned and dried food giant on the London Stock Exchange this morning.
Formerly known as Newlat, New Princes will retain a majority stake in the business to be floated in London, which will be named Princes Group.
Executive chairman Angelo Mastrolia called the decision to pursue an IPO a “pivotal moment” in the history of Princes Group.
If the float – expected to value the business at £1.5bn – goes ahead, New Princes said it intended to use the funds raised from issuing new shares to support its growth strategy through further acquisitions.
The group is owned by the Italian company formerly known as Newlat, which acquired Princes from former Japanese owner Mitsubishi for £700m last year and renamed itself New Princes.
New Princes revealed earlier this year it was exploring floating a substantial portion of the group in London.
“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,” Mastrolia said this morning.
“As we did with the successful listing of Newlat Food in 2019 [in Milan], 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 & beverage group.
“Over the past year, we have demonstrated our ability to integrate and optimise at speed, already making strong progress towards the synergies we identified at the time of the acquisition. We see significant further upside from operational efficiencies, procurement optimisation and an integrated commercial platform.
“We are actively pursuing a pipeline of tangible M&A opportunities that will unlock new geographies, categories and capabilities.
“We believe Princes is exceptionally well positioned to deliver sustained organic growth and long-term value creation for shareholders and we are ready to propel Princes Group into its next stages of growth.”
Princes Group generated annual revenues of £2.1bn in 2024 with adjusted EBITDA of £122.3m. Its turnover in the six months to 30 June 2025 totalled £964.2m.
It operated across five business units, producing the Princes, Napolina, Branston, Flora, Crisp ’N Dry, Mug Shot and Naked Noodle brands, as well as own label in the tinned food, fish, oils and drinks categories.
The business exports to more than 60 countries and has a production base of 23 facilities across the UK, Europe and Mauritius, employing 7,800 staff.
Princes Group CEO Simon Harrison added: “At Princes Group we combine a rich heritage dating back nearly 150 years with a dynamic entrepreneurial mindset to bring great-tasting products at great value to consumers in the UK, Europe and beyond. Our head office, located in Liverpool’s landmark Royal Liver Building, which we recently acquired, further symbolises not only our proud tradition but also our commitment to strategic expansion, innovation and a bold vision for the future.
“A listing on the London Stock Exchange is a natural next step in our journey. 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.
“As we enter this next chapter, I am excited to scale Princes Group into one of Europe’s most trusted and innovative food and drinks business.”
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