Campbell Soup CEO on Rao's pasta sauce deal: We have now entered our next chapter [Yahoo! Finance]
Sovos Brands, Inc. (SOVO)
Company Research
Source: Yahoo! Finance
The king of chicken noodle soup officially completed its $2.7 billion deal for Rao's pasta sauce maker Sovos Brands on Tuesday. Announced in August 2023, the deal also includes frozen food label Michael Angelo's and yogurt brand Noosa. Sovos will be renamed Distinctive Brands, which will sit inside of Campbell Soup. "This is fundamentally a profound transformation of an iconic company," Campbell Soup CEO Mark Clouse said on Yahoo Finance Live. The Sovos deal marks Campbell's largest acquisition since former CEO Denise Morrison plunked down $4.87 billion to buy pretzel leader Snyder's-Lance in 2018. It's the first major deal for Clouse as the head of Campbell Soup, a position he has held since early 2019. Rao's parent company, which went public in 2021 , will join a sauce portfolio that includes lower-priced Prego pasta sauce and Swanson broths. Sovos posted $1 billion in sales last year, up 25% year over year. The Rao's brand hauled in $775 million in sales alone, up 37% fr
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SOVO
News
- Campbell Soup completes $2.33 billion Sovos deal after delays [Yahoo! Finance]Yahoo! Finance
- Campbell Completes Acquisition of Sovos Brands, Inc. [Yahoo! Finance]Yahoo! Finance
- Flagship Food Group Rebrands to Insignia International and Will Unveil New Logo Live at Natural Products Expo West [Yahoo! Finance]Yahoo! Finance
- Flagship Food Group Rebrands to Insignia International and Will Unveil New Logo Live at Natural Products Expo WestBusiness Wire
- Campbell Soup Co (CPB) Reports Mixed Fiscal Q2 2024 Results Amidst Pending Sovos Brands Acquisition [Yahoo! Finance]Yahoo! Finance
SOVO
Earnings
- 2/28/24 - Beat
SOVO
Sec Filings
- 3/12/24 - Form 25-NSE
- 3/12/24 - Form S-8
- 3/12/24 - Form POS
- SOVO's page on the SEC website