Campbell To Acquire Sovos Brands, Leader In High-Growth Premium Italian Sauces
Acquiring Company
Campbell
Acquired Company
Sovos Brands
CamdenLouisvilleManufacturingFood and BeverageConsumer GoodsNon ProfitConsultingFood and BeverageHospitalityRetailFood ProcessingDescription
Campbell Soup Company (NYSE: CPB) and Sovos Brands, Inc. (Nasdaq: SOVO) today announced that the companies have entered into an agreement for Campbell to acquire Sovos Brands, Inc. for $23 per share in cash, representing a total enterprise value of approximately $2.7 billion. This represents a 14.6x adjusted EBITDA multiple1 including expected annual run rate synergies of approximately $50 million. The strategic transaction adds a high-growth, market-leading premium portfolio of brands to diversify and enhance Campbell’s Meals & Beverages division, providing a substantial runway for sustained profitable growth.
Quick answer
Campbell is acquiring Sovos Brands, announced August 7, 2023. Campbell is based in Camden, New Jersey, United States.
- How much did Campbell pay for Sovos Brands?
- The deal value was not disclosed.
- What does Campbell do?
- For more than 150 years, Campbell’s (NASDAQ:CPB) has been connecting people through food they love.
- Where are Campbell and Sovos Brands based?
- Campbell is based in Camden, New Jersey, United States. Sovos Brands is based in Louisville, Colorado, United States.
- Who are the decision-makers at Campbell?
- Fundz holds 1 contact at Campbell. Names and contact details are shown to Fundz members.
Source: Fundz verified event record.
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Frequently asked
Who acquired Sovos Brands?
Sovos Brands was acquired by Campbell, based in Camden. The deal was reported on August 7, 2023. For more than 150 years, Campbell’s (NASDAQ:CPB) has been connecting people through food they love. Generations of consumers have trusted us to provide delicious and affordable food and beverages. Campbell is publicly traded (CPB) and operates in Manufacturing.
When did Campbell acquire Sovos Brands?
Campbell's acquisition of Sovos Brands was reported on August 7, 2023. Campbell Soup Company (NYSE: CPB) and Sovos Brands, Inc. (Nasdaq: SOVO) today announced that the companies have entered into an agreement for Campbell to acquire Sovos Brands, Inc. Fundz records the date the transaction was first publicly reported, sourced from filings and company announcements.
What does Sovos Brands do?
Sovos Brands, Inc. is a company known for its market-leading and scaled premium brands, including Rao’s, Michael Angelo’s, and noosa. It reported $1.0 billion in net sales for the year ended Dec. It is privately held, operating in Food and Beverage, and is based in Louisville.
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