Campbell Creates New Business Unit Following Sovos Brands Acquisition
Campbell Soup Co. is strengthening and diversifying its Meals & Beverages portfolio following the successful completion of its acquisition of Sovos Brands, Inc. The sale went through for $23 per share in an all-cash transaction, representing a total enterprise value of approximately $2.7 billion.
The move adds products including pasta sauces, dry pasta, soups, frozen entrees, frozen pizza and yogurts under the brand names Rao’s, Michael Angelo’s and noosa. As part of the acquisition closure, and in an effort to drive the continued growth trajectory of those added brands, Campbell has formed the Distinctive Brands business unit within the Meals & Beverages division. Campbell’s brand Pacific Foods will be paired with Rao’s, Michael Angelo’s and noosa to form the unit.
“This important milestone in Campbell’s history adds several market-leading and scaled premium brands to our company,” said Campbell’s President and CEO Mark Clouse. “It accelerates Campbell’s successful strategy and provides a substantial runway for sustained profitable growth.”
Continued Clouse: “An enhanced Meals & Beverages division paired with our differentiated Snacks division creates an advantaged portfolio that makes Campbell one of the most dependable and growth-oriented large capitalization value names in food.”
The new Distinctive Brands unit will be led by Risa Cretella, formerly chief sales officer at Sovos Brands and now SVP and general manager, who will report to Mick Beekhuizen, Campbell’s EVP and president of the wider Meals & Beverages portfolio.
“We’re excited to welcome the talented Sovos team to Campbell,” said Beekhuizen. “Risa is an accomplished leader with a strong record of growth and impact at Sovos, which makes her the right person to lead the Distinctive Brands business unit and build upon the trajectory and incredible momentum of these premium brands. Our Distinctive Brands business unit will fuel the transformation of our Meals & Beverages categories to accelerate growth.”
Based in Camden, N.J., since 1869, the Campbell Soup Co. generated fiscal 2023 net sales of $9.4 billion. Its portfolio consists of such famous brands as Campbell’s, Cape Cod, Goldfish, Kettle Brand, Lance, Late July, Milano, Pace, Pacific Foods, Pepperidge Farm, Prego, Snyder’s of Hanover, Swanson and V8.
