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Campbell (CPB) Fuels Meals & Beverages With Sovos Brands Buyout

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Campbell's Sovos acquisition a 'match made in heaven': CEO

Campbell Soup Company (CBP) announced today that it has completed its $2.7 billion acquisition of Sovos Brands, Inc., which touts popular brands like Rao's. The deal was originally slated for December of 2023, but the FTC intervened seeking compliance information. The deal represents Campbell's largest purchase in over 6 years. Campbell CEO Mark Clouse joins Yahoo Finance Executive Editor Brian Sozzi to discuss the company's integration plan for Sovos, which he calls a "real growth engine" fitting "perfectly" within Campbell's portfolio. Clouse highlights that it appreciates the Sovos playbook and expects to continue executing it with few changes. He indicates that 50% of Campbell's business comes from snacks alone, a sector that Clause states has a "tremendous" runway for growth. He expects the Sovos brand to follow a similar trajectory: "The reality is the two-year growth rate is 67%. So this is a business that is just really been on fire when we think about where Rao's has gone. It's just a terrific testament to the Sovos team and I think that the good news is when I look at that more recent trends and growth, here's a couple things I see that are really encouraging: first, the growth is being fueled by both distribution and velocity, while also seeing continued expansion of household penetration. I love all three of those variables, and I'm glad that it's not singularly dependent on any one, but that the opportunity to demonstrate all three is a potential for growth." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Nicholas Jacobino

Campbell Soup a ‘compelling story’ after closing $2.7B Sovos deal

Campbell Soup completes $2.33 billion Sovos deal after delays

Campbell Soup completes $2.33 bln Sovos deal after delays