Following the announcement of its expected intention to float, global food producer Princes Group has confirmed that it will proceed with an initial public offering (IPO) and certain details of the offer.
The offer would be comprised of new ordinary shares to be issued by the company, stated Princes, which it said would be to raise net proceeds that support the Group in further inorganic growth via acquisitions.
Immediately following admission, the company said it expects it would have a free float that would make it eligible for inclusion in the FTSE UK indices.
Brands within the group’s portfolio include Princes, Branston, Batchelors, Flora, Napolina, Crisp ‘N Dry, Delverde, Naked Noodle and Vier Diamanten.
Headquartered in Liverpool, UK, Princes Group operates 23 production facilities across the United Kingdom, continental Europe and Mauritius. The group said it had invested “significant capital expenditure” into its production facilities, allowing it to acquire “spare capacity” for growth.
The group has a further 21 warehouses and distribution centres, as well as three offices across the United Kingdom, Poland and the Netherlands, approximately 7,800 employees.
Simon Harrison, CEO of Princes Group, said: “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 businesses.”
“We are raising new capital to accelerate our growth strategy and support the transformation of Princes.”
Angelo Mastrolia, executive chair of Princes Group, said: “Our decision to pursue a listing in London marks a pivotal moment in the history of Princes Group. 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.
“As we did with the successful listing of Newlat Food in 2019, 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 and 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.”
