Sovos Brands is an American corporation that sells convenience food brands, including Rao's Homemade items, Michael Angelo's frozen entrees, Noosa's Yoghurt, and Birch Benders products (cake, waffle, and pancake mixes as well as syrups).[1]
| Industry | Food processing |
|---|---|
| Founded | January 1, 2017 |
| Founders | Todd Lachman |
| Headquarters | , U.S. |
Area served | Worldwide |
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| Brands |
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| Owner |
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| Website | sovosbrands |
With its founder Todd Lachman as its CEO, it is headquartered in Louisville, Colorado southeast of Boulder, Colorado. Having analyzed more than 200 brands since its founding,[1] the firm has focused on developing products and competing with large companies as it has rapidly acquired attention.
Rao's Homemade was 69 percent of Sovos' adjusted net sales in 2022, and its net sales in 2022 were 34.9% more than those in 2021.[2] Lachman said Sovos has done well during the current inflationary period; consumers have bought more consumer products as opposed to dining out.[3]
Campbell Soup Company had planned to buy Sovos for $2.7 billion by December 2023. However, this deal was extended to 2024 to address questions from the FTC.[4] On March 12, 2024, Campbell's announced that it had completed its acquisition of the company.[5]
References
edit- ^ a b Garcia, Tonya (September 30, 2021). "Sovos is Creating a Lineup of Small Brands Designed to Take on Big Food Companies". MarketWatch. Retrieved August 8, 2023.
- ^ Ravipati, Sri (August 8, 2023). "Campbell Soup Buys Rao's Parent Company for $2.7 Billion". Axios. Retrieved August 8, 2023.
- ^ Doering, Christopher (August 16, 2021). "As Inflation Rages, Sovos Brands Thrives with a Premium Portfolio". Food Dive. Retrieved August 8, 2023.
- ^ "Campbell's closing of $2.33 bln Sovos deal pushed to 2024". Reuters. October 23, 2023. Retrieved October 24, 2023.
- ^ "Campbell Completes Acquisition of Sovos Brands, Inc". Yahoo! Finance. Retrieved March 13, 2024.