Sovos Brands completes Rao's Specialty Foods acquisition
Advent International’s new food and beverage firm Sovos Brands has completed its previously announced acquisition of pasta sauce manufacturer Rao's Specialty Foods.
Financial details of the deal have not been disclosed.
For Sovos Brands, this is the second acquisition in less than six months.
The transaction does not include Rao's restaurants in New York, Las Vegas and Los Angeles.
Rao's Restaurant Group principal Frank Pellegrino Jr. said: "I am pleased to know that the Sovos team will honour and preserve our heritage as they lead the business into the future.
“I look forward to providing counsel to Sovos Brands to ensure that Rao's Specialty Foods continues to grow and reach more customers with its high-quality super premium pasta sauce and complimentary speciality goods."
Headquartered in Berkeley, California, US, Sovos primarily focuses on businesses that have growth potential and invests in distribution, marketing, production and product innovation.
Rao's Specialty Foods will now join Sovos’ portfolio that includes Michael Angelo's Gourmet Foods, which is a producer of premium frozen Italian entrées.
Sovos Brands president and CEO Todd Lachman said: "We are thrilled to officially welcome Rao's Specialty Foods to our family of high-quality, unique brands.
"Rao's Specialty Foods has significant growth opportunities and we look forward to working alongside the company's talented management team to accelerate its strong growth trajectory."
Morgan Stanley & Co. served as exclusive financial adviser and Morrison & Foerster LLP as legal adviser to Rao's Specialty Foods for the transaction.