Campbell acquires Sovos Brands to expand its portfolio of premium brands, anchored by Rao’s and noosa.
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.
