New York CNN —Iconic canned soup company Campbell is expanding its reach in the Italian food market.
Campbell (CPB) announced Monday that it would acquire Sovos Brands, maker of the popular Italian food brands like Rao’s sauces and Michael Angelo’s frozen entrees, as well as noosa yogurt, in a deal worth $2.7 billion.
But Campbell said Rao’s sauces attract a different consumer set than Prego’s.
“Rao’s is the premium, market-leading sauce and it strengthens and diversifies our Meals & Beverages portfolio, complementing the core, mainstream portfolio,” the company told CNN.
Sovos Brands founder and head Todd Lachman called the acquisition a “momentous occasion.”“We have built a one-of-a-kind, high growth food company focused on taste-led products across a portfolio of premium brands, anchored by the Rao’s brand,” he said in a statement included in Campbell’s news release.
Persons:
Campbell, Angelo’s, “ We’re, ”, Mark Clouse, Rao’s, Michael Angelo’s, Todd Lachman
Organizations:
New, New York CNN, Campbell, Sovos Brands, Beverages, CNN, “
Locations:
New York, noosa, “ noosa