Sector News

Sovos Brands to acquire Rao's Specialty Foods

June 12, 2017
Food & Drink

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

comments closed

Related News

January 29, 2023

Danone appoints three new deputy CEOs

Food & Drink

Danone has appointed three deputy CEOs to “better connect categories and regions” and drive the delivery of its ‘Renew Danone’ strategy. The new appointees are Veronique Penchienati-Bosetta, Shane Grant and Juergen Esser. They will report to Danone CEO Antoine de Saint-Affrique.

January 29, 2023

PepsiCo Portugal invests €7.5m in biodigester

Food & Drink

PepsiCo Portugal has announced that it will invest €7.5 million to construct a new biodigester, which will turn organic waste into biogas. As well as helping its Carregado facility to achieve a 30% reduction in carbon emissions, the biodigester will also contribute to reducing gas consumption, allowing the installation to use the biogas produced during the anaerobic digestion process.

January 29, 2023

Kerry’s fellowship with Upcycled Food Foundation explores future of food waste prevention

Food & Drink

Kerry is sponsoring The Kerry Upcycled Food Foundation Fellowship in a new partnership with the Upcycled Food Foundation (UFF), the non-profit subsidiary of the Upcycled Food Association (UFA). The research fellowship is the second initiated by the UFF and will work toward advancing the understanding of the market, consumer perception and technical opportunities of upcycled food.

How can we help you?

We're easy to reach