Newlat Food, an Italian company and subsidiary of Newlat Group, has entered into an agreement to acquire the British food company Princes for 700 million pounds ($892 million). This acquisition is set to significantly expand Newlat’s product range to include Princes’ tinned fish and the Napolina sauces. Following the acquisition, Newlat plans to rebrand as New Princes, aiming for a consolidated turnover of approximately 3 billion euros and consolidated equity exceeding 700 million euros. The acquisition, involving both cash and share sales, will be financed with loans from Newlat Group and a consortium of international banks coordinated by UniCredit and BNL BNP Paribas. Financial advisors for the deal include Equita. The completion of the acquisition is expected by the end of July. Newlat aims to achieve a net debt to core profit ratio of one by 2026 and anticipates annual free cash flow of over 100 million euros between 2024 and 2028.

Food and Beverage, Private Equity and Investment,Italy, United Kingdom