Sovos Brands has signed an agreement to acquire the business of Birch Benders, a fast-growing producer of better-for-you pancake and waffle mixes, toaster waffles and pancake and baking cups. The acquisition deepens Sovos Brands’ role in the breakfast and snacking categories and represents a significant step in the company’s strategy to acquire and build one-of-a-kind brands. The transaction is expected to be completed by the end of October.
The acquisition diversifies the Sovos Brands consumer base by strengthening its presence in the breakfast and snacking categories and bolsters the company’s plans to participate in more food occasions.
With products that tap into increasing popular and healthy consumer lifestyle trends such as paleo and keto diets, Birch Benders is ideally positioned for the Sovos Brands portfolio, according to Todd Lachman, President and CEO of Sovos Brands
“Birch Benders shares Sovos’ commitment to making simple and delicious foods that use only the highest quality ingredients,” says Todd Lachman, President and CEO of Sovos Brands. “With our proven ability to transform brands by unleashing growth and deepening consumer affinity, we are thrilled to take Birch Benders to a new chapter of growth while diversifying Sovos Brands into new categories.”
The acquisition will add a fourth brand to the Sovos portfolio, which also includes Rao’’s, a line of pasta sauces, soups, frozen entrées and dry pasta; noosa yogurt; and Michael Angelo’s frozen entrées.
Since Sovos acquired these brands, the company has delivered double-digit sales growth while expanding profit margins. With the Birch Benders acquisition, Sovos’ annual retail sales will be above US$750 million, notes the company.
Once the addition of the Birch Benders brand to the Sovos portfolio is complete, Sovos will operate in seven large food categories – sauces, yogurt, frozen entrées, pancake and waffle mixes, frozen waffles, soups and dry pasta.
“We believe the wealth of experience and resources of the team at Sovos will allow us to reach even more consumers with our innovative, easy-to-make offerings made with nutrient-rich, quality ingredients,” adds Matt LaCasse, Birch Benders’ Founder and CEO.
Based in Denver, Colorado, Birch Benders was founded in 2011 by LaCasse and Lizzi Ackerman, who set out to fill a gap in the center store by creating an easy-to-make, restaurant-quality pancake mix. Birch Benders has since expanded its portfolio beyond pancake and waffle mix to toaster waffles, as well as pancake and baking cups, and is now one of the largest independent brands in its categories.
Sovos Brands is backed by global private equity firm Advent International.
By: Gaynor Selby
Source: Food Ingredients First
In the lead-up to the world-famous Oktoberfest – which celebrates Bavarian tradition, beer and the festival spirit – Munich was already buzzing with activity by the time the doors opened to Drinktec 2022 on 12-16 September. The atmosphere was lively, with approximately 50,000 visitors from 169 countries in attendance.
Unilever has announced CEO Alan Jope’s decision to retire from the company at the end of 2023, after five years at the helm. The announcement comes less than a year after a failed attempt by Unilever to buy GlaxoSmithKline’s consumer healthcare business and just months after activist investor Nelson Peltz joined the company’s board.
Lakeland Dairies has announced that Colin Kelly will assume the role of group CEO following the retirement of Michael Hanley at the end of the year. Kelly will take up the position in January 2023, while Hanley will step down in December this year.