Campbell’s Meals & Beverages has finally completed its £2.1bn ($2.7bn) acquisition of Sovos Brands – weeks after receiving clearance from the Federal Trade Commission.
The food and drink manufacturer, whose portfolio includes iconic Campbell’s Soup brand, first unveiled the deal in August last year, but had to extend the closing date after the FTC requested additional information.
Yet the FMCG has now announced it has officially purchased the company for £18.03 ($23) per share, which represents a total value of about £2.1bn ($2.7bn).
Subscribe to Grocery Gazette for free
Sign up here to get the latest grocery and food news each morning
Campbell’s president and CEO Mark Clouse said: “This important milestone in Campbell’s history adds several market-leading and scaled premium brands to our company.”
“It accelerates Campbell’s successful strategy and provides a substantial runway for sustained profitable growth. An enhanced Meals & Beverages division paired with our differentiated Snacks division creates an advantaged portfolio that makes Campbell one of the most dependable and growth-oriented large capitalization value names in food.”
Sovos Brands’ portfolio contains a range premium products including pasta sauces, dry pasta, soups, frozen entrées, frozen pizza and yogurts Rao’s, Michael Angelo’s and noosa.
Earlier this year, Sovos Brands posted $1bn in net sales for the full financial year ending 30 December 2023, adding that it had experienced an organic net sales increase of 25% year over year.
