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Campbell Soup Company announced it has acquired Sovos Brands, the producer of Rao’s sauces and other Italian food brands like Michael Angelo’s frozen meals and Noosa Yoyurt. The deal is worth a massive $2.7 billion, and this is a strategic move of the Camden, New Jersey-headquartered food company to expand its reach in the food industry in Italy and neighboring regions.
On Monday, Aug. 7, Campbell Soup Company confirmed that it will shell out $2.7 billion to buy Sovos Brands. The amount equals $23 per share and represents a 27% premium to the latter’s closing price on Friday. This will be the largest acquisition for Campbell Soup since it set down $4.87 billion to purchase Snyder’s-Lance food company in 2018.
According to CNN Business, Campbell Soup Company’s latest acquisition deal throw opens considerable value via strong and sustainable opportunities to further grow in the food business. Moreover, the purchase is expected to give the company a huge earnings growth contribution to the food sector while unlocking synergies with Sovos Brands to increase its presence in the field.
“We are thrilled to add the most compelling growth story in the food industry and welcome the talented employees who have built a nearly $1 billion portfolio,” Mark Clouse, president and chief executive officer of Campbell’s, said in a press release. “This acquisition fits perfectly with and accelerates our strategy of focusing on one geography, two divisions and select key categories that we know well.”
The CEO added, “Our focused strategy has enabled us to deliver strong results over the last five years, enhance our brands and capabilities, and generate strong cash flow to lower debt. With all this progress, I am confident in our readiness to execute and integrate this important acquisition.”
Todd Lachman, the founder, president, and chief of Sovos Brands Inc., also commented, “Today marks a momentous occasion for Sovos Brands as we announce our plans to join the Campbell family. Our success would not have been possible without the incredibly talented and passionate team at Sovos Brands and this transaction is expected to create substantial value for our shareholders, resulting in a 92% increase from our 2021 IPO price.”
Photo by: Kelly Common/Unsplash
