Cans of Campbell's soup are displayed on a shelf at Marinwood Market, Nov. 21, 2017 in San Rafael, Calif.
The premium pasta sauces first hit shelves in 1992 to bring home cooks a signature taste of the legendary 10-tableThe Campbell's meals and beverages division made the"strategic decision" to add a"high-growth, market-leading premium portfolio" to include more soups, dry pasta, frozen products and yogurts from the brand names Rao's, Michael Angelo's and noosa.
In addition to strengthening the meals and beverages division, Clouse said it adds to their"faster-growing and differentiated snacks division." Todd Lachman, Founder, President and CEO of Sovos Brands, Inc. called it a"momentous occasion" for the company."Our success would not have been possible without the incredibly talented and passionate team at Sovos Brands, which has been instrumental in building one of the fastest-growing food companies of scale in the industry today," Lachman said.
Lachman said he's"confident in Campbell’s ability to continue bringing our products to more households and further building on our track record of growth and success for years to come."
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Campbell to Acquire Parent Company of Rao's for $2.7 BillionCampbell Soup Co. has announced its agreement to acquire Sovos Brands, Inc., the parent company of Rao's, famous for its pasta sauces. The acquisition is valued at $2.7 billion. Sovos Brands' CEO expressed confidence in Campbell's ability to expand their products to more households.
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