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Campbell Soup Co. (NYSE:CPB) will slurp up Sovos Brands Inc. (Nasdaq: SOVO) in a stock deal valued at about $2.7 billion, adding new ingredients to the food giant’s meals and beverages division.
Louisville-based Sovos, which moved to Colorado from California several years ago and controls Rao’s pasta sauce, Noosa Yoghurt and Michael Angelo’s frozen entrées, was valued at a bit more than $1 billion when it launched its initial public offering in 2021.
Campbell acquires Sovos Brands to expand its portfolio of premium brands, anchored by Rao's and noosa.
Campbell Soup CEO Mark Clouse discussed his company’s acquisition of Rao’s sauce maker, Sovos Brands, with CNBC’s Jim Cramer on Monday.
Justin Sullivan/Getty Images(NEW YORK) -- The Campbell Soup Company is expanding its presence on grocery store shelves with a new deal to acquire Sovos Brands Inc., the maker of Rao's pasta sauces and noosa yogurt. At $23 per share, the total enterprise value of the acquisition is approximately $2.7 billion, the companies announced in a joint press release on Monday. The premium pasta sauces first hit shelves in 1992 to bring home cooks a signature taste of the legendary 10-table New York City restaurant. The Campbell's meals and beverages division made the "strategic decision" to ad...