Hogan Lovells leads Sovos Brands in acquisition by Campbell’s Soup in deal valued at US$2.7 billion

Press releases | 07 August 2023

Silicon Valley, 7 August 2023 – A team from global law firm Hogan Lovells has advised Sovos Brands, Inc, a maker of premium branded food including Rao’s sauces, Michael Angelo’s frozen entrees, and noosa yoghurts, in an agreement to be acquired by Campbell Soup Company for $23 per share in cash, representing a total enterprise value of approximately US$2.7 billion.

The strategic transaction adds a high-growth, market-leading premium portfolio of brands to diversify and enhance Campbell’s Meals & Beverages division, providing a substantial runway for sustained profitable growth.

"Today marks a momentous occasion for Sovos Brands as we announce our plans to join the Campbell’s family," commented Todd Lachman, Founder, President and Chief Executive Officer of Sovos Brands, Inc. "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.”

The Hogan Lovells team was led by Silicon Valley M&A partners Keith Flaum and Rick Climan, and Silicon Valley M&A counsel Jalpit Amin, who were supported by a multi-office team, including partners Mike Frank (Silicon Valley, Benefits), Lauren Battaglia, Logan Breed (both Washington, D.C., Antitrust,), Richard Aftanas (New York, Securities), Tao Leung (Los Angeles, Employment), and Brian Eyink (Washington, D.C., Food regulation). 

Additionally, the team included, among others, senior associates Kate Winslow (Philadelphia, Benefits), David Wallace (New York, Securities), Max Scott, Conner Griffith (both San Francisco, Tech Transactions), Ashley King (Los Angeles, Employment), and associates Ann Du (New York, M&A), and Stephanie Song (Silicon Valley, M&A).