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The Italian-owned producer of some of Britain's most popular food brands has hired bankers to prepare the ground for a London stock market float.
Sky News has learnt that Newlat Food, which produces tinned fish and fruits, as well as a range of soft drinks, and sunflower oil under the Flora brand, is working with BNP Paribas and Peel Hunt on a UK listing of a large chunk of its business.
Unicredit and Rabobank are also said to be involved in the prospective deal.
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A float, which could value the New Princes portfolio at about £700m, is still being evaluated, according to a statement from the Italian parent this week.
It comes less than a year after Newlat acquired Princes from Japan's Mitsubishi Corporation amid competition from private equity bidders.
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Newlat said this week that the integration of Princes had taken place ahead of schedule.
"A potential IPO may provide a tangible opportunity to fully drive the growth potential of the food & drinks business, while also enabling the business to secure additional financial resources to accelerate its external growth strategy," the company said.
"At this stage, no decisions have been made and there can be no certainty that any such transaction or changes will proceed."
A listing of New Princes would deliver a fillip to the London Stock Exchange, which has been starved of prominent new listings in the last couple of years.
None of the banks involved in the plan would comment on Friday.
