In a year when London’s stock market has struggled to attract high-profile listings, the latest entrant comes not from the world of technology or biotech — but from the grocery aisle. Princes Group, best known for its tinned tuna and pantry staples, has launched an initial public offering (IPO) on the London Stock Exchange, hoping to convince investors that steady consumer demand and strategic acquisitions can drive long-term growth.
A Storied Brand Seeking Modern Momentum
Founded 145 years ago, Princes has long been a fixture in British kitchens, supplying household staples from tuna to cooking oils and pasta sauces. Now, under the ownership of Italy’s Newlat Food — recently rebranded as NewPrinces — the company is taking a major step toward expansion and independence.
The IPO values Princes at roughly £1.2 billion, with the share sale expected to raise about £400 million. Those proceeds are earmarked for an aggressive acquisition strategy designed to nearly double the company’s revenues. Executives have already outlined five short-term and over 25 long-term potential acquisition targets across Europe.
Princes’ biggest sales come from the UK market, where it supplies private-label products to major supermarket chains including Tesco, Sainsbury’s, Aldi, and Marks & Spencer. Its own brands — such as Napolina (pasta and sauces) and Crisp ’N Dry (cooking oils) — complement its core business of producing for others’ labels. Though tuna remains its most recognizable product, the fish segment represents only about 20% of total sales.
Modest Growth, Ambitious Expansion
With organic revenue growth of just 3%, Princes is leaning heavily on its acquisition pipeline to unlock value. Management hopes to use the company’s established back-office systems and supply chain efficiencies to integrate new businesses quickly, reduce costs, and boost productivity.
A key part of the strategy involves cross-selling within complementary product lines — for example, acquiring a tomato sauce producer in one country to pair with its existing pasta brands elsewhere. Executives believe this approach can strengthen margins and gradually improve organic growth as well.
Conservative Valuation Reflects Investor Caution
Despite its ambitions, the IPO’s valuation suggests a cautious outlook. At a mid-price enterprise value of 5.5 times projected 2026 earnings before interest, tax, depreciation, and amortization (EBITDA), Princes is priced well below peers such as Premier Foods (7.5x) and Bakkavor, currently being acquired by Greencore Group.
Even its parent company’s shares took a hit — falling nearly 20% after NewPrinces announced it would purchase up to £200 million of the issued stock but sell none of its own holdings.
Still, industry analysts note that the conservative pricing may work in Princes’ favor. In a subdued market for new listings, a lower valuation could help ensure a successful debut rather than a high-profile misfire — especially for a company that needs capital to fund its growth plans.
Symbol of London’s IPO Landscape
That London’s largest IPO of 2025 belongs to a tinned foodmaker underscores the broader challenges facing the UK’s capital markets. In contrast to New York, where listings feature crypto exchanges, data centers, and pharmaceutical innovators, London has struggled to attract high-growth companies amid tighter regulations and lower valuations.
Yet, Princes’ flotation offers a glimmer of resilience. Its leadership hopes that consistent consumer demand and disciplined expansion can prove that traditional sectors still have a place on public markets.
As one analyst quipped, while investor enthusiasm for tech trends may fade, “salade niçoise is forever.”
