Retail group Princes Group has floated on the London Stock Exchange with a market capitalisation of £1.16 billion.
The £2.1bn revenue food and drinks firm includes the brands Princes, Napolina, Branston, Batchelors, Flora, Crisp ‘N Dry, Delverde, Naked Noodle and Vier Diamanten.
The offer price of its float has been set at 475 pence per share, equating to a market capitalisation of approximately £1.162bn. It includes a retail offer which it expects to raise £14m.
Princes said the float would raise primary capital of approximately £400m to support further inorganic growth via acquisitions.
The Liverpool-headquartered group exports its products to more than 60 countries and has more than 8,000 customers globally across large food retailers, B2B partners and the foodservice industry.
It operates 23 production facilities across the UK, continental Europe and Mauritius. The firm says significant capital expenditure has been invested into its production facilities, which has resulted in several of them having significant spare capacity for growth without requiring further capital investment.
The group has a further 21 warehouses and distribution centres and three offices across the UK, Poland and the Netherlands, with approximately 7,800 employees.
In July 2024 Prices Group was acquired by NewPrinces S.p.A. – listed on the Euronext STAR segment of the Milan Stock Exchange since 2019 – and its major shareholder.
NewPrinces has subscribed for approximately £200m worth of shares as part of the IPO offer. Newlat Group, the family office of Princes executive chair Angelo Mastrolia, has subscribed for £54.7m worth.
“Today’s listing is just the beginning of what we expect will be a period of exciting growth and value creation for Princes,” said Mastrolia.
“I would like to sincerely thank all our new investors for the trust they have placed in us. Their confidence reflects a shared belief in Princes’ strong fundamentals and our long-term strategy. We have a clear path to delivering on our strategic objectives and are ready to execute our next phase of growth.
“We have identified a strong pipeline of potential acquisitions, which we can pursue in a short timeframe and which will create additional synergies. At the same time, we will continue with our efforts to modernise, enhance and expand Princes’ operations and extensive portfolio of brands.
“As majority shareholder, NewPrinces has invested in the IPO alongside new investors, demonstrating our shared commitment and confidence in the company’s future success.
“In addition to thanking our investors, I want to express my gratitude to all Princes colleagues and the management team. Without their hard work, dedication and commitment, today would not have been possible. Together, we are building a stronger, more dynamic Princes, ready to deliver on its promise of growth and value creation for years to come.”
For the 12 months to 31st December 2024, it generated sales of £2.1bn and EBITDA of £122.3 million.
Simon Harrison, CEO of Princes Group, said: “Today marks a defining moment in Princes Group’s journey as we proudly begin our chapter as a publicly listed company. This milestone is a testament to the strength of our brands, the dedication of our people, and the trust placed in us by customers and partners across the globe.
“For nearly 150 years, Princes has been a name synonymous with quality, value, and innovation in food and drink. Our listing on the London Stock Exchange reflects not only our heritage but also our ambition for future growth.
“As we look ahead, we remain focused on expanding our international footprint, deepening our category leadership, and delivering sustainable, long-term value for all our stakeholders. I’m incredibly proud of what we’ve achieved and even more excited about what lies ahead for Princes Group as we continue to shape the future of food.”
‘Privilege of a lifetime’: Monzo CEO replaced by ex-Google exec