A sizable subset of spaghetti fans congregated online last week week to mourn the potential demise of Rao's Homemade — the famed jarred pasta sauce brand that was acquired by food giant Campbell Soup Company on Monday. Well, to be specific, Rao's still exists as a brand. But Sovos Brands, the maker of Rao's pasta sauces, was purchased by Campbell's as part of a mass takeover that also includes Michael Angelo's Frozen Foods and Noosa Yogurt.
The deal is set in stone at this point, considering that both companies entered an agreement for Campbell's to acquire Sovos for $23 per share in cash — which amounts to a total value of about $2.7 billion. It's a major win for Campbell's, who makes Prego sauce and Goldfish crackers alongside its namesake soups. And it's a major win for Sovos Brands, who will reap the benefits of Campbell's established supply chain and will see increased distribution of their products.
