Sovos Brands, Inc. is an American corporation that sells convenience food brands, including Rao's Homemade items, Michael Angelo's frozen entrees, Noosa Yoghurt, and Birch Benders products (cake, waffle, and pancake mixes as well as syrups).[1] It was acquired by Campbell Soup Company in 2024. Some of its brands were subsequently sold off.[2]
With its founder Todd Lachman as its CEO, it is headquartered in Louisville, Colorado. Having analyzed more than 200 brands since its founding,[1] the firm has focused on developing products and competing with large companies as it has rapidly acquired attention.
Rao's Homemade was 69 percent of Sovos' adjusted net sales in 2022, and its net sales in 2022 were 34.9% more than those in 2021.[3] Lachman said Sovos has done well during the current inflationary period; consumers have bought more consumer products as opposed to dining out.[4]
Campbell Soup Company had planned to buy Sovos for $2.7 billion by December 2023. However, this deal was extended to 2024 to address questions from the Federal Trade Commission.[5] On March 12, 2024, Campbell's announced that it had completed its acquisition of the company.[6]
External links
References
- Tonya Garcia. Sovos is Creating a Lineup of Small Brands Designed to Take on Big Food Companies MarketWatch, 2021-09-30, retrieved 2023-08-08^
- https://www.thecampbellscompany.com/newsroom/press-releases/campbells-to-sell-noosa-business-to-lakeview-farms/^
- Sri Ravipati. Campbell Soup Buys Rao's Parent Company for $2.7 Billion Axios, 2023-08-08, retrieved 2023-08-08^
- Christopher Doering. As Inflation Rages, Sovos Brands Thrives with a Premium Portfolio Food Dive, 2021-08-16, retrieved 2023-08-08^
- Campbell's closing of $2.33 bln Sovos deal pushed to 2024 Reuters, 2023-10-23, retrieved 2023-10-24^
- Campbell Completes Acquisition of Sovos Brands, Inc. Yahoo! Finance, retrieved 2024-03-13^