August 07, 2023
Weil is advising Advent International in its portfolio company Sovos Brands, Inc.’s acquisition by Campbell Soup Company. Campbell will acquire Sovos Brands for $23 per share in cash, representing a total enterprise value of approximately $2.7 billion. 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.
“Today marks a momentous occasion for Sovos Brands as we announce our plans to join the Campbell’s family,” commented Todd Lachman, Founder, President and Chief Executive Officer of Sovos Brands, Inc. “We have built a one-of-a-kind, high growth food company focused on taste-led products across a portfolio of premium brands, anchored by the Rao’s brand. Our success would not have been possible without the incredibly talented and passionate team at Sovos Brands, which has been instrumental in building one of the fastest growing food companies of scale in the industry today.”
Sovos Brands, Inc. is a consumer-packaged food company that offers a variety of premium products including pasta sauces, dry pasta, soups, frozen entrées, frozen pizza and yogurts under the brand names Rao’s, Michael Angelo’s and noosa. For more than 150 years, Campbell has been connecting people through food they love. Generations of consumers have trusted Campbell to provide delicious and affordable food and beverages. Headquartered in Camden, N.J. since 1869, Campbell generated fiscal 2022 net sales of $8.6 billion.
The Weil team advising Advent International is led by U.S. Private Equity Co-Head Ramona Nee and Mergers & Acquisitions partner James Griffin. The team also includes Executive Compensation & Benefits partners Jennifer Britz and Michael Nissan.