Italian-owned tinned tuna producer, New Princes, has unveiled plans for an initial public offering (IPO) on the London Stock Exalter, marking a major milestone in the company’s 135-year history.
Formerly known as Newlat, New Princes will retain a majority stake in the business, which will be named Princes Group. The relocate comes just a year after it was acquired from former Japanese owner Mitsubishi.
In a statement, New Princes declared, if the float – expected to value the business at £1.5 billion – goes ahead, the funds raised from issuing new shares, would be utilized to support its growth strategy through further acquisitions.
Simon Harrison, CEO of Princes Group, described the listing as a “natural next step” for the business:
“A listing on the London Stock Exalter will provide access to capital to execute our M&A ambitions, expand our product portfolio and extconclude our international reach. Our combination of iconic brands, deep customer partnerships and well-invested manufacturing positions us strongly for future growth.”
Executive chair Angelo Mastrolia emphasised the company’s long-term ambitions: “We are not selling any shares. Instead, we are raising new capital to accelerate our growth strategy and transform Princes into a truly diversified, multinational food and beverage group. We see significant further upside from operational efficiencies and a pipeline of M&A opportunities.”
Princes generated £2.1 billion in pro forma revenue in 2024, supported by a portfolio that spans five core categories: Foods, Fish, Italian, Oils and Drinks. Its brand stable includes houtilizehold names such as Princes, Napolina, Branston, Batchelors, Flora, Crisp ’N Dry, Delverde, Naked Noodle and Vier Diamanten.
The group supplies both branded and private label products, working with more than 8,000 customers across 60 countries. It operates 23 production facilities in the UK, Europe and Mauritius, alongside 21 warehoutilizes and distribution centres.
Recent investment has driven efficiency improvements and created headroom for further growth without significant additional capital spconclude. In the six months to 30 June 2025, the group delivered pro forma revenues of £964.2 million and EBITDA of £71 million, reflecting margin growth through operational synergies.
The IPO is expected to support Princes’ expansion into new categories and geographies while building on its strong position in both branded and own-label segments. The group’s leadership team has signalled continued interest in acquisitions that align with its strategy.
Leave a Reply