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Campbell Completes Acquisition of Sovos Brands; Mark Clouse and Mick Beekhuizen Comment

Campbell Completes Acquisition of Sovos Brands; Mark Clouse and Mick Beekhuizen Comment


CAMDEN, NJ
Thursday, March 14th, 2024

We reported on Campbell's initial acquisition back in August of 2023, but now Campbell Soup Company announced the formal completion of its acquisition of Sovos Brands. The all-cash transaction represented a total enterprise value of approximately $2.7 billion.

Mark Clouse, President and Chief Executive Officer, Campbell Soup Company“This important milestone in Campbell’s history adds several market-leading and scaled premium brands to our company,” said Campbell’s President and Chief Executive Officer Mark Clouse. “It accelerates Campbell’s successful strategy and provides a substantial runway for sustained profitable growth. An enhanced Meals and Beverages division paired with our differentiated Snacks division creates an advantaged portfolio that makes Campbell one of the most dependable and growth-oriented large capitalization value names in food.”

There are many attractive brands under the Sovos brands portfolio, such as Rao’s, Michael Angelo’s, and noosa.

Campbell Soup Company has completed the acquisition of Sovos Brands

In order to maintain the growth trajectory of these brands, Campbell’s formed a new business unit within the Meals and Beverages division called Distinctive Brands. Pacific Foods, acquired in December 2017, will be paired with Rao’s, Michael Angelo’s, and noosa to form the unit.

Risa Cretella, Senior Vice President and General Manager, Campbell Soup CompanyDistinctive Brands will be led by Risa Cretella, Senior Vice President and General Manager, and will have dedicated teams supported by Campbell’s scaled capabilities. According to a press release, she will report to Mick Beekhuizen, Campbell’s Executive Vice President and President, Meals and Beverages.

Mick Beekhuizen, Executive Vice President and President, Meals and Beverages, Campbell Soup Company“We’re excited to welcome the talented Sovos team to Campbell,” said Beekhuizen. “Risa is an accomplished leader with a strong record of growth and impact at Sovos, which makes her the right person to lead the Distinctive Brands business unit and build upon the trajectory and incredible momentum of these premium brands. Our Distinctive Brands business unit will fuel the transformation of our Meals and Beverages categories to accelerate growth.”

There are many exciting things coming down the pipe from Campbell’s, so be sure to keep in touch with Deli Market News for the latest!

Campbell Soup Company
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