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Sovos Brands, Inc. (SOVO) is an innovative and rapidly growing consumer-packaged food company dedicated to building and acquiring unique brands that deliver authentic, great-tasting foods. Established with the soul of a startup and the expertise of an industry leader, Sovos Brands operates under the financial backing of Advent International. The company's diverse portfolio includes popular North American brands like Rao’s, Michael Angelo’s, and noosa, offering a wide range of products such as pasta sauces, soups, dry pasta, frozen entrées, frozen pizza, and yogurts.
Headquartered in Louisville, Colorado, Sovos Brands focuses on authenticity and quality, ensuring each product provides a one-of-a-kind food experience. Recent achievements include a remarkable 30% volume-led organic net sales growth and a 32% increase in adjusted EBITDA for the third quarter of 2023. The Rao’s franchise alone surpassed $700 million in LTM net sales and made significant household penetration gains.
In an exciting development, Sovos Brands is in the process of merging with Campbell Soup Company. The merger has been approved by 99.99% of voting stockholders and is expected to close by mid-2024, subject to regulatory approvals. This merger aims to enhance Campbell’s Meals & Beverages division, further establishing a robust portfolio in the food industry.
Financially, Sovos Brands reported net sales of $257.9 million for the third quarter of 2023, a 23.5% year-over-year increase. The company's financial strength is highlighted by $202.5 million in cash and cash equivalents and a net debt of $281.3 million as of September 30, 2023. With a mission to bring exceptional food experiences to households across North America, Sovos Brands continues to thrive and expand its reach in the food and beverage sector.
Sovos Brands, Inc. (NASDAQ: SOVO) will disclose its fourth quarter and fiscal year results for the period ending December 31, 2022, on March 8, 2023. A conference call will follow at 4:30 PM ET, available via live webcast. Investors can access the presentation slides on the Company's Investor Relations website. Sovos Brands specializes in consumer packaged foods, focusing on innovative brands that provide authentic and delicious food experiences. Their product portfolio includes pasta sauces, dry pasta, soups, pizzas, and yogurts marketed under recognizable brands such as Rao’s, Michael Angelo’s, and noosa.
On January 27, 2023, Sovos Brands announced a voluntary recall of specific 16-ounce jars of Rao’s Made for Home Slow Simmered Soup, Chicken & Gnocchi due to the potential presence of undeclared egg, posing a risk to those with egg allergies. The affected jars, labeled incorrectly as Chicken & Gnocchi, actually contain vegetable minestrone. These products were distributed across multiple U.S. states between December 8, 2022, and January 27, 2023. The recalled jars are identifiable by the code date 2320 MDV 046030Z009 and a Best By date of NOV 15 2024. Consumers are advised to return the product for a full refund.
Sovos Brands (Nasdaq: SOVO) announced the divestiture of its Birch Benders brand to Hometown Food Company, enhancing its focus on core brands like Rao’s and Noosa. The transaction, whose financial details remain undisclosed, is expected to have no impact on Sovos' fiscal 2022 net sales or adjusted EBITDA. This strategic move aims to accelerate Rao’s growth toward $1 billion in net sales. Sovos Brands continues to position itself as a leading consumer-packaged food company with offerings that include pasta sauces, frozen entrées, and yogurts.
On January 9, 2023, Hometown Food Company announced its acquisition of Birch Benders from Sovos Brands (NASDAQ: SOVO). The transaction aims to enhance Hometown's position in the better-for-you food sector. Founded in 2011, Birch Benders offers a wide range of pancake and waffle mixes, including keto and organic products. Hometown's portfolio includes iconic brands like Pillsbury and Funfetti, and this acquisition broadens its market footprint and strengthens its commitment to healthier breakfast options. The financial terms of the deal remain undisclosed.
Sovos Brands reported a strong performance for Q3 2022, with net sales of $208.9 million, reflecting a 16.9% increase year-over-year driven by robust pricing growth. The Rao's franchise continues to lead sales with a potential trajectory toward $1 billion in annual sales. Adjusted EBITDA rose 14.5% to $29.5 million, despite a slight dip in margin. The company has raised its full-year net sales guidance to $840-$850 million, while maintaining adjusted EBITDA guidance at $116-$122 million. Net income was $1.5 million, compared to a loss last year.
Sovos Brands, Inc. (Nasdaq: SOVO) will report its third-quarter results for the period ending September 24, 2022, on November 2, 2022, at 4:30 p.m. ET. A live webcast of the earnings conference will be accessible on the company's Investor Relations website, where it will also be archived for later access. Sovos Brands specializes in acquiring and developing consumer-focused food brands, offering a wide range of products such as pasta sauces and frozen meals, aiming to deliver authentic and high-quality food experiences to consumers.
Sovos Brands, Inc. (Nasdaq: SOVO) has appointed E. Yuri Hermida as its new Chief Growth Officer, effective at the end of October 2022. Hermida, currently an Executive Vice President at Reckitt, will lead the company's sales, marketing, and business segments as part of its growth strategy. CEO Todd Lachman expressed confidence in Hermida's track record of scaling consumer brands, which is expected to enhance Sovos's market presence. Hermida has over 20 years of experience at P&G, making him well-suited to drive the company’s vision of delivering quality food products.
Sovos Brands, listed under the ticker SOVO, announced participation in two key investor conferences in September 2022. The first event is the Barclays Global Consumer Staples Conference in Boston on September 6, featuring a fireside chat at 3:45 p.m. ET. The second event is the Piper Sandler Growth Frontiers Conference in Nashville on September 14, with a fireside chat at 3:00 p.m. ET. Both sessions will be available for live webcast and replay on the Company's Investor Relations website.
Sovos Brands, Inc. (SOVO) announced a pricing of an underwritten secondary public offering of 8,500,000 shares at $14.00 per share, set to close on August 15, 2022, pending customary conditions. The offering consists entirely of secondary shares, with proceeds going to the selling stockholders. An option for underwriters to purchase an additional 1,275,000 shares is included. J.P. Morgan and Goldman Sachs are leading the offering. This registration was declared effective by the SEC, and no solicitation to buy these securities is made prior to registration.
Sovos Brands, Inc. (Nasdaq: SOVO) announced a secondary public offering of 8,500,000 shares of its common stock by certain stockholders. The offering includes a 30-day option for underwriters to purchase an additional 1,275,000 shares. Proceeds will go entirely to the selling stockholders. J.P. Morgan and Goldman Sachs are the lead underwriters for this offering. A registration statement has been filed but not yet effective, meaning shares cannot be sold until approval.
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