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Newlat Food hires banks to look at potential London IPO - report
(Sharecast News) - Italy's Newlat Food has reportedly engaged banks to look at the potential London float of a "substantial" part of its business. Newlat was said to be BNP Paribas and Peel Hunt on the listing of a large chunk of its business, Sky News reported without citing sources.
The group is preparing to change its name to NewPrinces after buying British peer Princes, which produces tinned fish and the Napolina sauce range, in May last year for £700m from Mitsubishi Corporation.
"A potential IPO may provide a tangible opportunity to fully drive the growth potential of the food & drinks business, while also enabling the business to secure additional financial resources to accelerate its external growth strategy," the company said on Thursday.
"At this stage, no decisions have been made and there can be no certainty that any such transaction or changes will proceed."
Newlat financial director Fabio Fazzari told analysts after the group's first-quarter earnings that the company was "in a very preliminary phase", adding that an IPO would be one of many possible actions the group is considering to "create value" after its recent acquisitions.
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