Italy’s Newlat Food is considering an initial public offering (IPO) and listing on the London Stock Exchange after integrating Princes Group into the company.
In a statement accompanying its first-quarter results, Newlat said it was chewing over “among other things, an initial public offering and listing of a substantial part” of the business, which is being renamed NewPrinces.
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Newlat snapped up UK food and drinks group Princes last June for £700m (then $893.6m) from Japanese conglomerate Mitsubishi Corp.
In the latest filing, Newlat chairman Angelo Mastrolia said the integration of the canned food and juices maker had “completed in an exceptionally short timeframe, allowing us to activate tangible synergies from the outset”.
Princes is “positioned as the central hub for the group’s international food
operations”, Newlat said.
It added: “A potential IPO may provide a tangible opportunity to fully drive the growth potential of the food & drinks business, while also enabling the business to secure additional financial resources to accelerate its external growth strategy.”
The dairy and savoury snacks business stressed: “At this stage, no decisions have been made and there can be no certainty that any such transaction or changes will proceed.”
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By GlobalDataIn the period ended 31 March, the Mukki brand owner booked €672.7m ($753.3m) in consolidated revenues, a 3.9% decline on the year prior, attributed to “an adjustment in selling prices in a deflationary market environment”.
Consolidated net profit reached €13.5m, a 61.4% jump on 2024, while gross profit increased 277% to €126m.
Meanwhile, consolidated EBIT was up 392% to €28.9m. Consolidated EBITDA increased 62.5% to €52.7m, and in consolidated adjusted terms it increased 30.5% to €54.8m.
The Reggio Emilia-headquartered group is already thinking about boosting its drinks production. On Tuesday (13 May), the business announced plans to take over an Italian plant from Diageo that had been set to close.
The pasta maker has signed an exclusivity agreement to buy the production facility in Santa Vittoria d’Alba in the north of the country.
Newlat said at the time the move would allow the company to strengthen its position in the drinks market. The company said it generates sales of €350m from drinks in the UK.
