NewPrinces, the parent company of UK-based Princes Group, has completed its acquisition of the Carrefour Italia retail business following approval by the European Commission.
The transaction is part of NewPrinces’ plan for growth and vertical integration, strengthening its presence across Italy and bringing production and distribution closer together.
With Carrefour Italia, now renamed Princes Retail, the group becomes the second-largest agri-food operator in Italy by revenue and the largest employer in the food and beverage sector.
NewPrinces stated that the network of over 1,000 stores across Italy provides a strategic foundation to consolidate its commercial presence.
The development plan for the business includes modernising the store network, relaunching the GS brand with a renewed positioning, and accelerating new openings by expanding both directly operated stores and those managed in partnership under operating lease agreements.
The operational integration with the NewPrinces logistics platform — which counts over 600 refrigerated vehicles — will also support the distribution in the Ho.Re.Ca. channel and home delivery services, including the growth of the Docks cash & carry brand.
Angelo Mastrolia, Chairman of NewPrinces Group, said: “The completion of this Transaction marks a strategic milestone for our group. With the addition of Carrefour Italia, NewPrinces Group reaches an unprecedented scale, with consolidated revenues of approximately €7bn and a shareholder’s equity figure that we expect to exceed €1.1bn by year-end, accompanied by a positive net financial position between €150 and €200m on an ex-IFRS 16 basis.
“These results further strengthen the solidity of our industrial model and confirm the validity of the transactions completed during the year: from the IPO of Princes Group to the acquisition of Diageo Operations Italy and Carrefour Italia, together with the transactions we will complete by 2025, such as the acquisition of Plasmon, generating significant and sustainable value for the entire group.
“The integration of Carrefour Italia also represents a concrete opportunity for us to strengthen a fundamental element of our identity: the relationship between industry and retail. Our roots lie the food industry and we have in-depth knowledge of the needs of producers. For this reason, we are committed to ensuring a fair, transparent and collaborative approach with all Carrefour Italia suppliers, valuing the work of the supply chains and ensuring stability, fairness and long-term partnerships.
“We are also fully aware of the expectations of Italian consumers, who demand quality, convenience and safety. Our goal is to respond with tangible actions, expanding and improving our product offering, enhancing the shopping experience and ensuring high standards across the entire value chain. Italian families will be at the centre of our choices, with a commitment to offering better products, fair prices and an even stronger presence in the territory, close to local communities.
“This Transaction also represents an opportunity to integrate a widespread distribution network with our industrial expertise, opening up new prospects in terms of efficiency, product development, innovation and competitive positioning. We are building an integrated and modern Group, aligned with the highest European standards, capable of generating robust growth in both retail and industry. This marks the beginning of a new chapter that will further strengthen the role of our group and consolidate a development model oriented towards the future.”