Introduction
Newlat (now NewPrinces), the family-owned company controlled since 2008 by the Mastrolia family, is the transformation of what two years ago was a small Italian company initially specializing in milk products and pasta, into a European giant in the agri-food sector (segments of Pasta, canned foods, canned fish, Drinks, oils, dairy, …) thanks to a series of M&A such as the acquisition of the UK giant Princes or, just two months ago, Carrefour Italy.
In just two years, they have been able to multiply revenues by 9 to €7,000MM and EBITDA by almost 7 times to around €400MM, which they will have pro forma with the immediate synergies in Carrefour.
All this has led them to multiply their market cap by 5 and become a company with €1,000MM of market capitalization (with net debt of €283MM IFRS16).
Today we take advantage of the publication of NewPrinces’ 1H25 results to analyze them and review the company’s situation to better understand what to expect in the near future (integrations, M&A, cash flows, synergies, IPO…), offering our opinion on the company’s situation.
Note: For those who want to read the full thesis and the latest updates of this company (results, Carrefour M&A,..), which we have been covering since the beginning of 2023, they are available on our website and on this Substack.