Campbell Soup Acquires Rao's Sauce Maker for $2.7B

CEO Mark Clouse said in a statement. "Our focused strategy has enabled us to deliver strong results over the last five years, enhance our brands and capabilities, and generate strong cash flow to lower debt."

A shopper looks over a selection of canned soups April 30, 2023, at the Tops Super Market in Greenville, New York.Campbell's meals and beverages division includes its ready-to-serve soups, tomato juice, gravies, and dinner sauces that are sold in the U.S. and Canada, and was its top revenue generator in 2022, according to its annual report.

Campbell’s said it plans to finance the acquisition through the issuance of new debt. Closing of the deal is expected by the end of December and is subject to Sovos Brands' stockholder approval and customary closing conditions, including regulatory approvals.Campbell's Condensed Tomato Soup.

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Campbell to buy Rao's premium sauces maker Sovos for $2.33 blnU.S. packaged food maker Campbell Soup will buy Michael Angelo's and Rao's owner Sovos Brands for $2.33 billion in cash, the company said on Monday, beefing up its meals and beverages business with the maker of premium Italian sauces.
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Campbell to buy Rao’s premium sauces maker Sovos for $2.33 billionU.S. packaged food maker Campbell Soup will buy Michael Angelo’s and Rao’s owner Sovos Brands for $2.33 billion in cash, the company said on Monday, beefing up its meals and beverages b…
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Campbell’s $3 bln Rao’s deal could use long simmerCampbell's acquisition of Rao's for $3 billion may not be a wise investment as the returns are not sufficient to cover the cost of capital. The justification for the deal is filled with corporate jargon. However, the long-term growth of the food industry may improve the prospects of the acquisition.
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