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Newlat (NEWFOD; NR) {NWL IM Equity}

CONSUMER STAPLES
  • Will acquire UK Princes food company for £700m (£650m in cash, £50 in shares). Princes had revenue of £1.7b and EBTIDA of £100m in FY24. Purchase price at EV multiple of 7x. Combined revenue will be €2.8b, adj. EBITDA of €188m.
  • Close subject to regulatory approvals, funding with cash, shareholder loans and €300m pool lending from banks. Net leverage will rise to 3.3x from 1.1x. Co says it expects that to be 2.5x by end of fiscal year (same as CY).
  • Co has MT target of 1x net leverage by '26 on expected €100m+ of FCF between '24-28. Standalone FCF has historically run LDD (€21m last year).
Equities +13% yesterday, €200m 27s ~unch. mids at €95.08/4.58%, b/a 0.9pts wide
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