Campbell Soup buys 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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