Campbell to buy Rao’s premium sauces maker Sovos for $2.33 billion
“The acquisition comes at a considerable cost, but we believe it is a strategic move that strengthens Campbell’s product portfolio with fast-growing brands,” said CFRA Research analyst Arun Sundaram.
Packaged food makers have been buoyed as cautious consumers have preferred to spend on essentials and limit their visits to restaurants. The global food and beverage industry has been a relatively bright spot for deal-making in recent quarters.They have also raised product prices several times to protect their margins from higher input costs.
Separately, Sovos reported a 16.3% jump in organic net sales for the second-quarter, driven by increased volumes despite higher pricing.Campbell plans to finance the purchase through new debt. The transaction, expected to close by the end of December, is likely to add to adjusted earnings per share by the second year after the deal closes.
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