Epiris hopes to secure an agreement to acquire Princes amidst competition from Newlat, an Italian food manufacturer.

A British buyout firm aims to win a two-way contest for Princes Foods, one of the UK’s major canned produce manufacturers.

Epiris aims to finalize the acquisition of Princes within days, following recent bidding competition with Italian company Newlat.

Princes, under the Flora trademark, produces canned fruits and fish, various soft drinks, and sunflower oil.

The auction marks Mitsubishi Corporation’s latest attempt to divest its ownership stake in Princes, a move by the Japanese conglomerate.

A prior attempt earlier this year failed to attract interest at a sufficiently attractive price.

The successful bidder is expected to pay a minimum of £400 million.

Although Mitsubishi has owned the company since 1989, its origins can be traced back to 1900.

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Despite a sales decline in 2022, the food category remains one of the largest in the UK, generating nearly £1.5 billion in revenue as of March 31, 2022.

Bankers had previously suggested the feasibility of a division of the organization, highlighting the fuels division as a potential asset for independent sale.

Neither Epiris nor Houlihan Lokey, the investment bank overseeing the auction, responded to numerous requests for comments.

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