Jamieson is pleased to announce that it has advised Sovos Brands, Inc. in connection with the announced acquisition of Sovos Brands by Campbell’s Soup Company for $23 per share in cash, representing a total enterprise value of approximately $2.7 billion. This transaction is expected to close in the fourth quarter of 2023. The announcement follows the IPO of Sovos Brands in 2021 in which Advent International retained a majority stake after originally funding the creation of the business in 2017.
Sovos Brands, headquartered in Louisville, Colorado, is a high growth, purposefully built food company focused on taste-led products across a portfolio of premium brands, anchored by the Rao’s brand. Its portfolio of products includes premium pasta sauces, dry pastas, soups, frozen entrees, frozen pizza, yogurt, and gelato.
This transaction represents a 14.6x adjusted EBITDA multiple, including expected annualized cost synergies, reaching expected annual run rate synergies of approximately $50 million, and a 92% increase from Sovos Brands’ 2021 IPO price. 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.
Jamieson Corporate Finance US, LLC is a member of FINRA/SIPC