After 62 years of foreign ownership, the historic brand Plasmon returns under the Italian control thanks to the boldness of Angelo Mastrolia, the Salerno entrepreneur who founded and chairs NewPrinces Group. The operation is part of NewPrinces' strategy, a group listed on the Milan Stock Exchange with 2.8 billion euros in revenue, protagonist in recent years of an intense program of acquisitions of historic brands with high reputational value.
The 31 December 2025 marks a historic date for the Italian food industry: Plasmon, the brand that has accompanied generations of Italian families, has officially returned under Italian control after 62 years of foreign ownership. The transfer was completed with theacquisition by of NewPrinces Group from Kraft Heinz for an amount of 124 million euros (about £103 million), a deal announced in July 2025 and completed in the last days of the year.
The acquisition includes the production plant in Latina, specialized in the production of baby food, employing over 300 workers, and the Plasmon, Nipiol, BiAglut, Aproten and Dieterba brands, all strongly rooted in the specialized and infant nutrition segment. The Plasmon and Nipiol brands alone hold a market share of about 30% of the Italian baby food sector.
In the fiscal year ended December 31, 2024, Plasmon generated revenues of 170 million euros and an EBITDA of 17 million euros. Projections indicate revenue growth at a compound annual growth rate (CAGR) of about 3% in the coming years, with EBITDA progressively improving to 15%, thanks to operational synergies and investments in innovation.
Plasmon: over a century of history in infant nutrition
The origins of Plasmon date back to 1902 when the nutritionist doctor Cesare Scotti started the commercialization of a powdered milk-derived preparation – called Plasmon, from the Greek verb ‘plasmare’ – to combat infant malnutrition and provide complete nutritional support to growing children. In 1948 the famous Plasmon biscuits, specifically designed for weaning and feeding young children.
In 1963, the company was acquired by the Americans of Heinz, who significantly developed the production plant in Latina, turning it into a center of excellence for the production of infant food. Under Heinz management (and Kraft Heinz after the 2015 merger), Plasmon maintained its leadership in the Italian baby food market, progressively expanding its product portfolio.
The Latina plant is today one of the most advanced plants in the sector in Europe, with highly automated production lines and strict quality control standards. The facility produces not only the historic biscuits but also fruit, vegetable and meat purees, small pastas and first courses for children, snacks for various age groups, as well as products for specialized nutrition (celiac disease).
The brand portfolio: from Nipiol to BiAglut and Nutrimune licenses
The acquisition by NewPrinces includes a diverse portfolio of complementary brands:
- Nipiol. Historic brand in the segment of purees and baby foods;
- Dieterba. Brand specialized in products for infants focusing on specific formulations and selected ingredients;
- BiAglut. Line dedicated to gluten-free products, not only for children but for the whole family;
- Aproten. Brand specialized in low-protein products, intended for consumers with specific nutritional needs;
- Nutrimune. Plasmon S.r.l. has signed a thirty-year license agreement with Kraft Heinz for the Nutrimune technology and brand, exclusive for Italy and non-exclusive license for other markets. The agreement will allow NewPrinces to integrate Nutrimune into future innovations of the Plasmon and Nipiol brands, expanding the advanced functional nutrition offering.
The evolution of NewPrinces Group: from pasta to multinational giant
The history of NewPrinces has its roots in Newlat Food S.p.A., company created in 2004 within the Parmalat group as a container for some historic Italian agri-food brands, including the historic Reggian cooperative Giglio. In 2008, after the Competition Authority forced Parmalat to divest to avoid dominant positions, Newlat was acquired by the holding company of Angelo Mastrolia TMT Finance SA, based in Lugano (later became Newlat Group S.A.).
The group's strategy has been based from the beginning on targeted acquisitions of brands and plants with strong relaunch potential. In 2008 the acquisition arrives from Nestlé of the historic Sansepolcro (Arezzo) plant for the production of dry pasta, croutons, and rusks. Between 2004 and 2012, Mastrolia consolidated its presence in the pasta sector by acquiring historic Italian pasta factories – Industrie Alimentari Molisane (Guacci brand), Pezzullo di Eboli, Corticella, Ciccarese – reaching in 2012 a turnover of about 300 million euros with 1,000 employees.
In 2015 the first strategic entry occurs in the baby food with the purchase from Kraft Heinz of the Ozzano Taro (Parma) plant, specialized in the production of infant formulas and powdered milk for babies, the only one in Italy. In 2019, Newlat acquires from the Argentine multinational Molinos Río de la Plata the Delverde pasta factory, premium brand with a plant in Fara San Martino (Chieti), and in October of the same year debuts in the STAR of Italian Stock Exchange.
In 2020 the acquisition of 67.74% of Centrale del Latte d’Italia S.p.A., company with plants in Piedmont, Liguria, Veneto, and Tuscany and historic brands such as Centrale del Latte di Torino (‘Tapporosso’), Mukki and Latte Tigullio, making Newlat the third largest national dairy group. In 2021 followed the acquisition of the English company Symington’s and in 2022 the French EM Foods (later Princes France S.A.S.), a leader in the production of bakery mixes and desserts.
In 2024, the dimensional leap with the acquisition of the historic British company Princes Limited from Mitsubishi Corporation for £700 million (about 822 million euros). Founded in Liverpool in 1880, Princes is one of the main British food producers with revenues of £1.71 billion, specialized in canned products (fish, fruit), juices, tomato preserves, pasta, sauces and oils, with iconic brands such as Napolina (leader in the pasta and sauce segment in the UK), Princes Tuna, Branston Beans, Crosse & Blackwell, Batchelors and Flora. Particularly strategic is the Foggia plant (Italy), which hosts the largest tomato processing plant in Europe. The acquisition led to the renaming to NewPrinces Group (formalized on April 28, 2025) and a consolidated turnover of 2.8 billion euros.
In June 2025, NewPrinces signs an agreement for the acquisition of the Diageo Operations Italy plant in Santa Vittoria d’Alba (Cuneo), with revenues of about €230 million, specialized in alcoholic beverages, ready-to-drink and spirits. The operation completes the beverage segment offering, where the group already generates over 350 million euros in revenues in the UK.
Vertical integration: the synergy between industry and large-scale retail trade with Carrefour Italia
The most transformative operation is the acquisition in July 2025 (completed in December after EU approval) of Carrefour Italia for an enterprise value of about 1 billion euros (400 million for real estate, 600 million for the business). The operation includes 1,027 stores (642 direct and 385 franchised), revenues of about 4 billion euros, 115 million EBITDA and 13,000 employees. The Carrefour brand will remain for three years, and then it will be replaced by the historic Italian brand GS. This acquisition transforms NewPrinces into theonly Italian group that vertically integrates food production and large-scale retail.
The brand portfolio: 34 brands in 9 categories
Pasta and bakery products Italy: Delverde, Ciccarese, Corticella, Guacci, Pezzullo, Granfetta, Crostino Dorato. Pasta abroad: Drei Glocken, Birkel (Germany), Minuto. Dairy products: Centrale del Latte di Torino (‘Tapporosso’), Centrale del Latte di Vicenza, Mukki, Latte Tigullio, Giglio, Polenghi Lombardo. Baby food and specialized nutrition: Plasmon, Nipiol, Dieterba, BiAglut, Aproten. British brands Princes Group: Princes (over 350 products), Napolina, Branston (Mizkan license), Crosse & Blackwell, Batchelors (Premier Foods license), Chicken Tonight, Mazola, Olivio. Edible oils: Flora Crisp ‘n Dry, Edible Oils (JV with ADM). Drinks: Jucee, Capri-Sun (co-packaging). Ready-to-eat: Naked Noodle, Mugshot Hunger Breaks. Dessert: Minute.
| Category | Main brands | Strategic focus |
|---|---|---|
| baby food | Plasmon, Nipiol, Dieterba | Italian leader in the childhood segment (~30% market share) |
| Specialized nutrition | BiAglut, Aproten, Nutrimune | Functional foods, celiac disease and nephropathy |
| Pasta and bakery products | Delverde, Pezzullo, Guacci | Premium pasta and historic regional brands |
| Milk and dairy products | Mukki, Centrale del Latte (Turin, Vicenza, Tigullio), Giglio | 3rd dairy hub in Italy |
| Canned goods and grocery (UK) | Princes, Napolina, Branston, Batchelors | Leadership in the UK canned goods market |
| Oils and fats | Flora, Crisp ‘n Dry, Mazola | Strategic JV with ADM for edible oils |
| Tomato and preserves | Napolina, Princes | Foggia plant (the largest in Europe) |
| Beverage & spirits | Diageo (S. Vittoria d’Alba), Capri-Sun, Jucee | Soft drinks and alcohol production on behalf of third parties |
| Distribution (Mass Retail) | Carrefour Italy (future GS brand) | Vertical integration with over 1,000 points of sale |
Industrial structure, stock listings and financial performance
NewPrinces operates through 33 plants in seven countries: Italy (11 sites including the Princes plant in Foggia: pasta, baby food, dairy, spirits, tomato), United Kingdom (10 production sites), Germany (Mannheim), France (Ludres), Poland (Szamotuły), Netherlands, Mauritius.
The Mastrolia family holds 60% of NewPrinces S.p.A. through Newlat Group S.A. on the STAR segment of Borsa ItalianaAngelo Mastrolia is Executive Chairman, his son Giuseppe and Stefano Cometto are CEOs.
On October 31, 2025, the subsidiary Princes Group plc was separately listed on London Stock Exchange via IPO (Initial Public Offering), raising £400 million with a market cap of £1.162 billion, the largest London IPO since 2021. NewPrinces S.p.A. retains control as majority shareholder of Princes Group.
Financial results
In 2024, NewPrinces achieved revenues of 2.77 billion euros, with an EBITDA of 177.6 million (6.4%) and a net profit of 142.3 million. In the first half of 2025, EBITDA grew by 62.5%. With the acquisitions completed in 2025 (Plasmon, Diageo Operations Italy, and Carrefour Italy), on a pro-forma basis pro-forma the group reaches a consolidated turnover of about 6.7 billion euros and counts over 18,000 employees globally, of which about 13,000 in Italy, positioning itself among the top Italian food groups by revenues and number of employees in the country.
Conclusions: the revival of Made in Italy food products worldwide
The acquisition of Plasmon by New Princes represents a case study significant for understanding how Italian capital can become a protagonist again in controlling strategic assets in the food sector. After decades in which many historic Italian brands came under foreign control, this operation reverses the trend, demonstrating that there are Italian entrepreneurs with the strategic vision and the necessary financial resources.
The NewPrinces model – growth through targeted acquisitions, enhancement of historic brands, investments in innovation and internationalization – can serve as a reference for other sector operators, indicating a viable path for the competitive revival of Made in Italy food products.
For Plasmon a new phase now begins: strong of its century-long history, affectionate bond with Italian consumers, and the support of a solid and ambitious industrial group, the brand can look to the future with renewed confidence, projecting itself towards new markets without betraying its most authentic identity.
Dario Dongo
References
- Food Manufacture. (2026, January 5). NewPrinces completes €124.3M Kraft Heinz baby food acquisition. https://www.foodmanufacture.co.uk/Article/2026/01/05/newprinces-completes-1243m-kraft-heinz-baby-food-acquisition/
- Il Cittadino. (2025, November 26). From Polenghi to Braulio: New Princes targets new markets. https://www.ilcittadino.it/stories/premium/economia/dalla-polenghi-al-braulio-new-princes-punta-a-nuovi-mercati-o_174355_96/
- NewPrincesGroup. https://www.newprinces.it/en
- Plasmon. Our history. Plasmon. https://www.plasmon.it/c/la-nostra-storia/
Dario Dongo, lawyer and journalist, PhD in international food law, founder of WIISE (FARE - GIFT – Food Times) and Égalité.
