In 2023, Campbell Soup struck a big deal by purchasing Sovos Brands for $23 per share in cash, which had a total value of approximately $2.7 billion.
Sovos Brands is best known as the maker of Rao’s pasta sauces, although the company also has brands such as Michael Angelo’s and Noosa Yoghurt.
Rao’s began in a very small way before transforming into a well-recognized pasta sauce. In 1992, Rao’s began. It is named after a hard-to-get-into 10-seat restaurant in Harlem that first opened in 1896.
While Rao’s Specialty Foods was launched by Ron and Sharon Straci, the sauce itself was credited to Frank Pellegrino Sr., who is a family relative of the well-known owners of the Harlem restaurant.
The restaurant’s historic guest list includes big-name celebrities, such as Al Pacino, Martin Scorsese, Leonardo DiCaprio, Jay-Z, Celine Dion and Martha Stewart, Frank Sinatra and Sammy Davis Jr.
While the restaurant then expanded to other cities, including Miami, Las Vegas and Los Angeles, the Rao’s pasta sauce became a huge item on the shelves of supermarkets.
At the time of the sale in 2023, Rao’s represented 69% of Sovos Brands, so it was a major part of the company. Campbell’s President and CEO Mark Clouse released a statement at the time of the sale.
“And paired with our faster-growing and differentiated Snacks division, (the Sovos portfolio) makes Campbell one of the most dependable, growth-oriented names in food,” Clouse said.
Todd Lachman was the CEO and founder of Sovos Brands, and he expressed “strong confidence in the future” for the company after the sale to Campbell Soup.
Rao’s now sells over 20 different flavors of the sauce, and it is a regular sight on the shelves of supermarkets all across the United States.
Related: Rao’s Homemade Expands Its Viral Sauce Line With Two Bold New Flavors
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