Newlat Food, the Italian food group that acquired Princes Foods in 2023, is preparing for a potential £700m stock market listing in London, according to a report by Sky News.

The company has appointed BNP Paribas and Peel Hunt as lead advisers, with Unicredit and Rabobank also involved in the process.

The proposed listing would involve the newly integrated New Princes business, which includes well-known consumer staples such as tinned fish, soft drinks, fruit products, and Flora-branded sunflower oil. The IPO would be a significant boost for the London Stock Exchange, which has seen a dearth of high-profile listings in recent years.

Newlat acquired Princes from Japan’s Mitsubishi Corporation for £700m, reportedly beating several private equity firms during the sale process. The company has since made rapid progress integrating the business, describing the process as “ahead of schedule”.

In a statement, Newlat said: “A potential IPO may provide a tangible opportunity to fully drive the growth potential of the food and drinks business, while also enabling the business to secure additional financial resources to accelerate its external growth strategy.”

The company emphasised that a listing remains under evaluation, and no final decision has yet been made.

If launched, the New Princes IPO would mark a rare major listing in London’s capital markets, and could provide an attractive liquidity event for future private equity suitors as consolidation in the consumer goods sector continues.

Source: Sky News

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