The two companies said they had entered an agreement for Campbell’s to acquire Sovos for $23 per share in cash.
In a Monday announcement, the two companies said they had entered an agreement for Campbell's to acquire Sovos for $23 per share in cash — reflecting a total value of about $2.7 billion.
The transaction will help diversify and strengthen Campbell’s Meals & Beverages division, Campbell’s President and CEO Mark Clouse said in a statement."And paired with our faster-growing and differentiated Snacks division, makes Campbell one of the most dependable, growth-oriented names in food,” he added.Get Philly local news, weather forecasts, sports and entertainment stories to your inbox.
“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,” Todd Lachman, founder, president and CEO of Sovos Brands, said in a statement. “As one of the most trusted and respected food companies in North America, I’m confident in Campbell’s ability to continue bringing our products to more households and further building on our track record of growth and success for years to come.
Lachman added that the transaction “creates substantial value” for shareholders, with the purchase price nearly double the $12 that Sovos Brands priced its initial public offering in September 2021.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Campbell to buy Rao's premium sauces maker Sovos for $2.33 blnU.S. packaged food maker Campbell Soup will buy Michael Angelo's and Rao's owner Sovos Brands for $2.33 billion in cash, the company said on Monday, beefing up its meals and beverages business with the maker of premium Italian sauces.
Lire la suite »
Campbell to buy Rao’s premium sauces maker Sovos for $2.33 billionU.S. packaged food maker Campbell Soup will buy Michael Angelo’s and Rao’s owner Sovos Brands for $2.33 billion in cash, the company said on Monday, beefing up its meals and beverages b…
Lire la suite »
Campbell Soup Company Acquires Sovos Brands for $2.7 BillionCampbell Soup Company is expanding its presence in the Italian food market with the acquisition of Sovos Brands, the maker of popular Italian food brands such as Rao's sauces and Michael Angelo's frozen entrees. The deal, valued at $2.7 billion, also includes the acquisition of noosa yogurt.
Lire la suite »
Chicken noodle soup king Campbell just spent $2.7 billion to buy Rao's saucesRao's — which went public in 2021 — will join a Campbell sauce portfolio consisting of lower priced Prego and Swanson broths. The company posted $878.4 million in net sales last year and $67.8 million in net income.
Lire la suite »
Campbell Soup Acquires Rao's Pasta Sauce Makers for $2.7 BillionCampbell Soup Company has announced its acquisition of the makers of Rao's pasta sauce, Sovos Brands, for a total of $2.7 billion. In addition to Rao's sauces, Sovos also produces other food products such as dry pasta, soups, frozen entrees, and yogurt under brands like Michael Angelo's and noosa. Rao's is Sovos' most popular brand, accounting for approximately 69% of the company's adjusted net sales of $837 million last year.
Lire la suite »
Campbell Soup Acquires Rao's Sauce Maker for $2.7BCampbell Soup has announced its acquisition of Sovos Brands, including Rao's pasta sauce and Michael Angelo's frozen meals, for $2.7 billion. Campbell Soup CEO Mark Clouse expressed confidence in the company's focused strategy and its ability to generate strong cash flow to reduce debt.
Lire la suite »