Sovos agrees to acquire pasta sauce producer Rao's Specialty Foods
US-based Sovos Brands has agreed to acquire Rao's Specialty Foods, the producer of Rao's Homemade pasta sauce.
Financial details of the deal have not been disclosed.
Marking the second acquisition for Sovos in less than six months, the transaction is expected to be completed by the third quarter of this year.
The deal does not include Rao's restaurants in New York, Las Vegas and Los Angeles.
In January, the company acquired Michael Angelo's Gourmet Foods, a producer of frozen Italian entrées.
Based in California, Sovos primarily focuses on brands that have potential for growth following investments in distribution, marketing, production and product innovation.
Sovos Brands president and CEO Todd Lachman said: "Rao's Specialty Foods is a great addition to the portfolio, we are creating of one-of-a-kind brands in the food and beverage sector.
"Its unwavering commitment to authentic, delicious-tasting products using only the highest quality ingredients aligns with our strategy of partnering with unique brands that are in demand with discerning consumers.
“Working alongside the company's talented management team, we see numerous opportunities to grow the Rao's Homemade brand and expand Rao's Specialty Foods into adjacent food categories."
Established in 1992, Rao's Specialty Foods produces pasta sauce with no tomato blends, paste, water, starches, fillers, colours or added sugar.
Rao's Specialty Foods chief executive officer Eric Skae said: "We are thrilled to join the Sovos Brands family.
"Since 1992 we have been the leading brand in the premium pasta sauce category by a wide margin, and as we enter our 25th year, we are committed to maintaining our top position in the space.
“With the resources and expertise of Sovos and Advent, we will be in an even stronger position to pursue the significant growth opportunities ahead of us. We look forward to expanding our product offering and introducing more consumers to the authentic taste of our pasta sauces and other speciality foods."
Apart from sauces, the company offers dry pasta, dressings, marinades, olive oils, vinegar, tomatoes and fire-roasted red peppers.