REGGIO EMILIA, ITALY — Newlat Food SpA, an Italian food company, has submitted a non-binding offer to acquire all the shares of Hovis Holdings Ltd.

Financial terms of the offer were not disclosed, but Newlat said the offer was formulated “by evaluating the sustainability of the investment in the short, medium and long term, in compliance with the rigorous economic and financial discipline that has always characterized the company’s investments.”

“The management of Newlat Food considers it useful to underline that the acquisition of Hovis, an over 100-year-old brand with a great tradition and recognizability in the United Kingdom, would allow Newlat Food to anticipate by 24 months two important objectives set out in the business development plan proposed to investors during the IPO road-show: Achieve consolidated revenues of approximately €1 billion (and) become one of the most important operators in the food sector in Europe, with a substantial market share in Italy, Germany and the United Kingdom,” Newlat Food said.

Newlat added that the production and distribution structure of Hovis would offer the possibility to benefit from numerous synergies and to implement a virtuous cross-selling activity.

Hovis is owned by Premier Foods and The Gores Group. Its portfolio includes a broad range of baked foods, including bread, muffins and pancakes.

The Newlat Group is a multi-channel player in the Italian and European agri-food sector. The Newlat Group is mainly active in the pasta, dairy, bakery and special products sectors, and in particular in the health and wellness, gluten-free and baby food sectors.