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 […]
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 add a "high-growth, market-leading premium portfolio" to include more soups, dry pasta, frozen products and yogurts from the brand names Rao s, Michael Angelo s and noosa.
Rao’s represented approximately 69% of Sovos Brands, the companies stated, which has had 34.9% organic growth in sales compared to last year.
“We’re thrilled to add the most compelling growth story in the food
Campbell s Soup to acquire Rao s pasta sauce parent company inquirer.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from inquirer.com Daily Mail and Mail on Sunday newspapers.