Global food producer Princes Limited has announced the completion of its sale to Italian producer Newlat Food S.p.A.

Newlat previously agreed to a £700 million acquisition of Princes from Mitsubishi Corporation, encompassing all current operations and brands. It said it would rename itself ‘New Princes Group’, with the renaming expected to be completed by the end of this year.

The New Princes Group is also predicted to have a turnover of €2.8 billion, a global network of 31 plants, 8,800 employees and over 30 brands. It said it would double its product category offering to customers.

Chief executive officer of Princes, Simon Harrison, said: “Today marks the start of an incredible new chapter in the 140-year history of Princes. Newlat has been clear of its support for our strategic growth plans and we are excited to realise the historic opportunity being part of New Princes Group will represent for our customers and our people.

“The complementary nature of Newlat and Princes, and their distinct portfolios present significant growth opportunities. With iconic brands, own-label expertise and a large international manufacturing platform, Princes is set for a very bright future as part of New Princes Group.”

Angelo Mastrolia, chairman of Newlat, said: “This acquisition marks a significant milestone, as we become one of Europe’s foremost food and beverage industry leaders with an exceptional portfolio spanning 10 diverse categories.

“As announced last month in Milan, our goal is to achieve by 2030 a turnover of €5 billion, an EBITDA of €317 million, a net income exceeding €100 million, a FCF above €170 million, and shareholder equity surpassing €700 million. We are ready to embrace the future with optimism and excitement as we embark on this new journey together.”

Princes Limited will be led by a new board of directors consisting of Angelo Mastrolia as chairman, Simon Harrison as CEO, Fabio Fazzari as chief financial officer, and Giuseppe Mastrolia and Benedetta Mastrolia as directors.