Vending

Campbell Soup to acquire Sovos Brands for $2.7B

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August 8, 2023

Campbell Soup Co. has agreed to acquire Sovos Brands Inc. for $23 per share in cash, representing a total enterprise value of approximately $2.7 billion, according to a press release. The transaction adds a portfolio of brands to diversify and enhance Campbell's meals and beverages division.

Sovos Brands had annual adjusted net sales of $837 million in calendar year 2022 with a compounded annual organic net sales growth rate of 28% from fiscal 2019 to fiscal 2022 offering frozen entrées, frozen pizza, yogurts, pasta sauces, dry pasta and soups, under the brand names Rao's, Michael Angelo's and noosa.