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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.
Sovos Brands (NASDAQ:SOVO – Get Free Report) will post its 6/30/2023 quarterly earnings results after the market closes on Wednesday, August 9th. Analysts expect Sovos Brands to post earnings of $0.13 per share and revenue of $213.87 million for the quarter. Individual that wish to listen to the company’s earnings conference call can do so […]
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...