Campbell Soup Company Acquires Sovos Brands, Inc.
August 7, 2023
Campbell Soup Company completed the all-cash acquisition of Sovos Brands, Inc. for $23 per share, representing an enterprise value of approximately $2.7 billion. The deal brings premium brands including Rao's, Michael Angelo's and noosa into Campbell's Meals & Beverages division, creates a new Distinctive Brands unit, and is expected to deliver roughly $50 million of run-rate cost synergies and be accretive to adjusted EPS by the second year.
- Buyers
- Campbell Soup Company
- Targets
- Sovos Brands, Inc.
- Sellers
- Sovos Brands stockholders, Certain funds affiliated with Advent International (as stockholders who entered into voting agreements)
- Industry
- Food & Beverage
- Location
- Colorado, United States
- Transaction Type
- Buyout
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