Sovos Brands, a new food and beverage company formed by Advent International private equity investors, has agreed to acquire Rao’s Specialty Foods, Inc. The transaction is expected to be completed during the third quarter of this year. Financial terms were not disclosed.
Established in 1992, Rao’s Specialty Foods produces Rao’s Homemade, a premium pasta sauce made with no tomato blends, paste, water, starches, fillers, colors or added sugar. In addition to sauces, the company produces premium dry pasta, dressings, marinades, olive oils, vinegars, tomatoes and fire-roasted red peppers.
“Rao’s Specialty Foods is a great addition to the portfolio we are creating of one-of-a-kind brands in the food and beverage sector,” said Todd Lachman, president and chief executive officer of Sovos Brands. “Its unwavering commitment to authentic, delicious-tasting products using only the highest quality ingredients aligns with our strategy of partnering with unique brands that are in demand with discerning consumers. Working alongside the company’s talented management team, we see numerous opportunities to grow the Rao’s Homemade brand and expand Rao’s Specialty Foods into adjacent food categories.”
Rao’s Specialty Foods is the second investment by Sovos Brands, which purchased Michael Angelo’s Gourmet Foods Inc., a producer of premium frozen Italian entrees, in January. The company is focused on high-quality brands in on-trend categories with the potential to accelerate growth by investing in distribution, marketing, production and product innovation.
Jeff Case, a managing director at Advent International”Sovos Brands is making great progress on its strategy to establish a scale player in the consumer packaged goods industry,” said Jeff Case, a managing director at Advent International. “We continue to work with the Sovos team to support and grow its brands and acquire other leading branded players offering delicious food that meets today’s consumer demand for high-quality, clean ingredients.”
By Rebekah Schouten
Source: Food Business News
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