CAMPBELL ACQUIRES SOVOS BRANDS
Campbell Soup Co. announced on August 07, 2023, that they have entered into an agreement bell to acquire Sovos Brands, Inc. for $23 per share in cash, representing a total enterprise value of ~$2.7bn. The transaction is expected to close by the end of Dec 2023, pending Sovos Brands stockholder approval and customary closing conditions, including regulatory approvals.
The acquisition has been approved by the boards of directors of both Campbell and
Sovos Brands, and it has the support of key Sovos Brands stockholder, Advent
International, along with its director stockholders.
Campbell Soup Company, together with its subsidiaries, manufactures and markets food and beverage products in the United States and internationally. The company operates through Meals & Beverages and Snacks segments.
The Meals & Beverages segment engages in the retail and foodservice businesses in the United States and Canada. This segment provides Campbell’s condensed and ready-to-serve soups; Swanson broth and stocks; Pacific Foods broth, soups, and non-dairy beverages; Prego pasta sauces; Pace Mexican sauces; Campbell’s gravies, pasta, beans, and dinner sauces; Swanson canned poultry; V8 juices and beverages; Campbell’s tomato juice; and snacking products in foodservice in Canada.
The Snacks segment retails Pepperidge Farm cookies, crackers, fresh bakery, and frozen products; Milano cookies and Goldfish crackers; and Snyder’s of Hanover pretzels, Lance sandwich crackers, Cape Cod and Kettle Brand potato chips, Late July snacks, Snack Factory pretzel crisps, Pop Secret popcorn, Emerald nuts, and other snacking products. This segment is also involved in the retail business in Latin America. It sells its products through retail food chains, mass discounters and merchandisers, club stores, convenience stores, drug stores, and dollar stores, as well as e-commerce and other retail, commercial, and non-commercial establishments, and independent contractor distributors.
Sovos Brands, Inc., through its subsidiaries, operates as a consumer-packaged food company that manufactures and distributes consumer food products in the United States.
The company operates in two segments, Dinner and Sauces, and Breakfast and Snacks. It provides pasta sauces, dry pasta, soups, frozen entrees, frozen pizza, yogurts, pancake and waffle mixes, other baking mixes, and frozen waffles under the Rao’s, Michael Angelo’s, noosa, and Birch Benders brands.
The company sells its products principally to retail outlets and wholesale distributors, including traditional supermarkets, mass merchants, warehouse clubs, wholesalers, specialty food distributors, military commissaries, and non-food outlets, such as drug store chains, dollar stores, and e-commerce retailers.
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Company Overview – Sovos Brands, Inc
Company Overview – Campbell Soup Co
No of Pages: 78
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