Princes Group
| Company type | Subsidiary |
|---|---|
| Industry | Food & Drink |
| Founded | 1880, in Liverpool, England |
| Founders |
|
| Headquarters | Liverpool , England |
Number of locations | 11 production sites World Wide |
Area served | World Wide |
Key people | Simon Harrison[1] |
| Products | Fish, meat, fruit, vegetables, soups, pastes, pasta, cooking sauces, edible oils and soft drinks |
| Revenue | £1.7bn billion (March 2024) |
Number of employees | 7,000+ |
| Parent | Newlat Food S.p.A |
| Website | https://www.princesgroup.com/ |
Princes Group is an international food and drink group involved in the manufacture, import and distribution of branded and customer own-brand products. Founded in 1880 and headquartered in the UK, and recently acquired by Newlat Food S.p.A.
History
[edit]Princes’ heritage dates back to 1880,[2] when it was established as a fish importing business in Liverpool, the city where its international headquarters are still located today. The firm was founded as a partnership by Briton William Muirhead Simpson (1842–1926) and Canadian Frank Roberts (1853–1938) and initially imported tinned lobster from Canada. It operated as Simpson Roberts, then created brands including Maypole (1891), Mikado (1895) and Princes (1900). By 1915, Simpson Roberts was the world's largest exporter of lobster, handling one third of the world's lobster trade. In 1919, the partnership was incorporated as a limited company. In 1962, it changed its name to Princes Foods.[3]
Princes first entered continental Europe in 1960[2] and today its European operations are managed from its offices in Rotterdam in the Netherlands.
In 1964, Princes was acquired by 'Trex' manufacturer J Bibby & Sons. In 1973, the combined business was sold to Italy's Buitoni group, which, in 1988 was acquired by Nestlé, with Princes then sold to Mitsubishi Corporation in 1989.[3]
As a wholly owned subsidiary of Mitsubishi,[2] Princes completed several high-profile mergers and acquisitions that added significant scale to the business. After the 2011 acquisition of Premier Foods' canning operations for £182M, Princes was, by 2013, the UK's largest supplier of tinned food; by 2020, it employed 7,000 people globally, 2,200 of them in UK.[3] However, in January 2023, Mitsubishi was reported to be considering selling the Princes Group,[4][5] and in March 2023 potential buyers, including Bain Capital-backed Valeo Foods and the Aurelius Group investment firm, were reported to be considering bids of around £400M.[6]
From July 24, Princes Group became a wholly-owned subsidiary of Newlat Foods, retaining its legal name ‘Princes Ltd’.
Timeline
[edit]- 1880 Founded in Liverpool by William Muirhead Simpson and Frank Roberts
- 1900 Princes Pure Foods formed, Princes brand established
- 1946 Princes starts first manufacturing venture
- 1960 Princes enters continental Europe
- 1968 Princes acquired by 'Trex' manufacturer J. Bibby and Sons[7]
- 1973 Princes sold to Buitoni Group
- 1988 Buitoni Group, including Princes, acquired by Nestlé
- 1989 Mitsubishi Corporation buys Princes from Nestlé
- 1991 Princes enters the soft drinks category through the acquisition of Barraclough
- 1999 Princes acquires Tuna Mauritius
- 2001 Princes acquires both the Shippam's and Napolina brands/businesses
- 2004 Princes acquires water business and the Aqua Pura brand
- 2005 Princes acquires cooking oils brands and forms Edible Oils Limited (EOL) joint venture business. Princes establishes MC Foods Europe
- 2010 Princes opens Princes Polska office and forms joint venture business to expand distribution of oils in eastern and central Europe
- 2011 Princes acquires two East Anglian canning operations and the Crosse & Blackwell and Farrow's brands[8]
- 2012 Princes Industrie Alimentari S.r.L. (PIA) created and processing factory in Foggia, Italy acquired[9]
- 2015 Princes Tuna (Mauritius) completes agreement to create enlarged tuna processing operation[10]
- 2018 Princes announces business review after net profits fall to £0.5m;[11] in October 2018, Princes announces factories in Manchester and Chichester would close[12][13]
- 2024 Mitsubishi Corporation agree to sell to Italian-based Newlat Food S.p.A (‘Newlat’), encompassing all current operations and brands in an agreement valued at £700m.[14] Announced in May, the purchase was completed two months later.[15]
Operations
[edit]Princes' customers include major supermarkets, convenience stores, foodservice operators, wholesale suppliers and other food manufacturers. Its brands and products span over 20 different categories including fish, meat, fruit, vegetables, soups, pastes, pasta, cooking sauces, edible oils and a broad range of soft drinks sectors.[16]
Owned and operated brands
[edit]Brands (*= licensed brands) which Princes manufacture and produce include:[17]
- Batchelors Peas* – a brand that dates back to 1895 with a range that includes canned soups and peas (under licence from Premier Foods)
- Branston Beans* – a brand well known for its store cupboard favourites such as baked beans and spaghetti in tomato sauce (under licence from Mizkan)
- Crisp 'n Dry – popular UK vegetable oil brand
- Crosse & Blackwell - canned food brand that includes favourites such as baked beans, soups, pasta, vegetables and ready meals
- Farrow's – British-grown giant marrowfat processed peas
- Flora* – popular sunflower oil brand
- Jucee – popular squash drinks brand
- Mazola - corn and speciality oil brand. Range includes corn, peanut, grapeseed, rapeseed and sunflower oils
- Napolina - Italian-style ingredients brand. Range includes sun-ripened tomatoes to fruity olive oils, pasta and pasta sauces, as well as more specialist grated cheese, pulses and pizza products
- Olivio* - cooking oil first launched in 1991, made with a blend of vegetable and olive oils
- Princes – the Princes range now includes over 350 food and drink products including canned fish, meat, fruit and vegetables, microwavable ready meals, sandwich fillings and soft drinks
- Trex – home baking brand which is a dairy-free alternative to butter
- Vier Diamanten – popular Austrian canned fish brand
- Wielkopolski – cooking oil used for frying, baking, salad dressings, and in cakes and desserts
Production sites
[edit]Princes operates 11 production sites situated in the UK, mainland Europe and Mauritius:
UK food sites
[edit]- Long Sutton, Lincolnshire – this site produces a range of canned products including baked beans, vegetables, fruit, pulses, pies, pasta, meatballs and ready meals
- Wisbech – located in Cambridgeshire, this site produces canned and pouch products including baked beans, soups, pulses, pasta, vegetables and sauces
UK soft drinks sites
[edit]- Cardiff – produces juice products in cartons
- Bradford – this site produces squash and carbonated soft drinks
- Glasgow – supplies canned soft drinks
UK edible oils
[edit]- Belvedere, London – located in south east London, this site produces olive and speciality oils
- Erith – located in south east London, this site produces cooking oil
International
[edit]- Foggia, Italy – this factory is one of the most modern and efficient ambient tomato processing facilities in Europe[18]
- Riche Terre, Port Louis, Mauritius – one of the most technologically advanced tuna processing facilities in the world[19]
- Marine Road, Port Louis, Mauritius - a major processing facility producing tuna loins[20]
- Szamotuły, Poland – located in the north west region of Wielkopolska, this site primarily produces rapeseed oil.
References
[edit]- ^ "Simon Harrison appointed as Princes Group CEO". Princesgroup.com. 9 April 2024. Retrieved 4 October 2024.
- ^ a b c "Princes : About the Company : Our History". Princesgroup.com. Retrieved 25 March 2013.
- ^ a b c "Building Scale: a history of Princes Foods". Let's Look Again: a History of Branded Britain. Retrieved 21 March 2023.
- ^ Mattinson, Alec (12 January 2023). "Princes owner in search of buyer as sales fall sharply". The Grocer. Retrieved 21 March 2023.
- ^ Robinson, Jon (20 January 2023). "'No decisions made' on potential sale of food giant Princes after 'market speculation'". BusinessLive. Retrieved 21 March 2023.
- ^ Hodgson, Neil (17 March 2023). "Takeover speculation continues with Princes Foods in sights of suitors". The Business Desk. Retrieved 21 March 2023.
- ^ Martin, Kathy (2017). Famous Brand Names and Their Origins. Pen & Sword. p. 61. ISBN 9781781590157.
- ^ "Insider News North West – Princes targets £2bn after record year". Insidermedia.com. Retrieved 25 March 2013.
- ^ Hodgson, Neil (3 May 2012). "Princes Group in Italian production deal - Business News - LDP Business". Liverpool Daily Post. Retrieved 25 March 2013.
- ^ "Princes ups profit as UK sales decline". 12 January 2015.
- ^ foodmanufacture.co.uk (19 February 2018). "Princes reveals business review". foodmanufacture.co.uk. Retrieved 11 January 2019.
- ^ "Factories to close as canned foods business automates". 12 October 2018..
- ^ foodmanufacture.co.uk (26 April 2019). "Princes Manchester juice factory has £3.8m price tag". foodmanufacture.co.uk. Retrieved 4 December 2022.
- ^ "Princes announces intended acquisition by Newlat Food S.p.A - Princes Group". 27 May 2024. Retrieved 31 May 2024.
- ^ "Newlat Food S.p.A Completes Acquisition of Princes Limited". Princes Group. Retrieved 4 October 2024.
- ^ "Premier Foods boosts food manufacturer's sales to £1.51bn". Foodmanufacture.co.uk. 17 December 2012. Retrieved 25 March 2013.
- ^ "Princes : Our Brands". Princesgroup.com. Retrieved 25 March 2013.
- ^ "Princes to double size of European revenues following acquisition of Italian tomato factory". Princes Group. 3 May 2012. Retrieved 28 January 2014.
- ^ "Sourcing and Manufacturing". Princes Group. Retrieved 28 January 2014.
- ^ "Princes Tuna (Mauritius) Marine Road".