CAMDEN, NJ and LOUISVILLE, CO — Campbell Soup Co. announced an agreement to will acquire Sovos Brands for $2.7 billion.
“We’re 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,” said Mark Clouse, president and CEO of Campbell’s. “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 Sovos Brands portfolio strengthens and diversifies our Meals & Beverages division and paired with our faster-growing and differentiated Snacks division, makes Campbell one of the most dependable, growth-oriented names in food.”
“Today marks a momentous occasion for Sovos Brands as we announce our plans to join the Campbell’s family,” said Todd Lachman, founder, president and CEO of Sovos Brands, Inc. “We have built a one-of-a-kind, high-growth food company focused on taste-led products across a portfolio of premium brands, anchored by the Rao’s brand. Our success would not have been possible without the incredibly talented and passionate team at Sovos Brands, which has been instrumental in building one of the fastest growing food companies of scale in the industry today.”
