Iconic canned soup company Campbell is expanding its reach in the Italian food market
Campbell 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. “We’re thrilled to add the most compelling growth story in the food industry and welcome the talented employees who have built a nearly $1 billion portfolio,” Campbell’s president and CEO Mark Clouse said in a statement.
“It also provides an opportunity for expansion to adjacent categories like frozen meals, dry pasta, premium ready to serve soups.” By acquiring premium frozen meal brand Michael Angelo’s, Campbell will also beef up the frozen food portfolio it already owns under its Pepperidge Farm’s brand.
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