Campbell Soup Company announced it has completed the acquisition of Sovos Brands, which represents a total enterprise value of approximately $2.7 billion (€2.48 billion).
The Sovos Brands portfolio includes pasta sauces, dry pasta, soups, frozen entrées, frozen pizza and yogurts under the brand names Rao’s, Michael Angelo’s and noosa.
Sovos Brands recently reported $1.0 billion (€918 million) in net sales for the year ended December 30, 2023.
“This important milestone in Campbell’s history adds several market-leading and scaled premium brands to our company,” said Mark Clouse, Campbell’s president and CEO.
“It accelerates Campbell’s successful strategy and provides a substantial runway for sustained profitable growth.
Distinctive Brands
Campbell Soup Company has formed a new business unit within the Meals & Beverages division called Distinctive Brands to drive the growth of the new brands.
Pacific Foods, which was acquired in December 2017, will be paired with Rao’s, Michael Angelo’s and noosa to form the unit. The other three business units in the Meals & Beverages division are US Retail, Canada and Foodservice.
Leadership
Distinctive Brands will be led by Risa Cretella, senior vice president and general manager, and will have teams supported by Campbell’s scaled capabilities.
Cretella most recently served as chief sales officer at Sovos Brands. She will report to Mick Beekhuizen, Campbell’s executive vice-president and president, Meals & Beverages.
“Risa is an accomplished leader with a strong record of growth and impact at Sovos, which makes her the right person to lead the Distinctive Brands business unit and build upon the trajectory and incredible momentum of these premium brands," said Beekhuizen.
"Our Distinctive Brands business unit will fuel the transformation of our Meals & Beverages categories to accelerate growth.”
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