Sovos Brands, Inc.
sovosbrands.comNo Longer Reporting
The company has not filed an annual or quarterly report since its FY2023 10-K, filed Feb 28, 2024. Its latest SEC filing is a 15-12G from Mar 22, 2024.
10-K for FY2023, filed Feb 28, 2024
The sections below describe the company as of the FY2023 annual report.
What Did They Do?
Sells Rao’s pasta sauces and other Italian foods, alongside frozen entrées and yogurt, to retailers and wholesale distributors.
10-K for FY2023, filed Feb 28, 2024The iconic Rao’s brand was established as a consumer-packaged food brand in 1991 with a storied New York City heritage. The Rao’s brand…View ↗
Michael Angelo’s was founded in 1983 with original Italian recipes that had been passed down for generations. Michael Angelo’s frozen…View ↗
An Australian expatriate co-founded Noosa Yoghurt in 2008 with a fourth-generation Colorado dairy farmer. In 2010, Noosa Yoghurt began…View ↗
We sell our products to customers primarily in the United States and principally to retail outlets and wholesale distributors, including…View ↗
How Did They Make Money?
Retailers and distributors buy packaged foods; sales occur when the goods are delivered, and customers are invoiced on payment terms tied to their credit profile.
10-K for FY2023, filed Feb 28, 2024
$1B
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10-K for FY2023, filed Feb 28, 2024
$1B ↗
Who Were Their Customers?
Sells mainly to U.S. retailers and wholesale distributors, including supermarkets, mass merchants and warehouse clubs, using its direct sales force, brokers and third-party distributors. It also sells Rao’s shelf-stable products directly to consumers through its website and Amazon.
Did Revenues Turn Into Profits?
Yes. It kept 3 cents of every revenue dollar as net income in FY2023 and turned 9 cents into free cash flow.
10-K for FY2023, filed Feb 28, 2024
$80.6MView ↗
10-K for FY2023, filed Feb 28, 2024
$30.2MView ↗
10-K for FY2023, filed Feb 28, 2024
$93.5MView ↗
How Were They Changing?
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Mar 12, 2024
Campbell completed its acquisition of Sovos Brands
Sovos became a wholly owned Campbell subsidiary, and shareholders received $23.00 per share.
Sources
8-K, filed Mar 12, 2024
The Merger became effective at 8:05 a.m. on the Closing Date (the “Effective Time”). As a result of the Merger, at the Effective Time, each…View ↗
Grew. Revenue grew 2.6x in 4 years, from $388M in FY2019 to $1B in FY2023, about 27% a year.
Who Did They Compete With?
Competes with B&G Foods, Barilla Holding, Campbell Soup, Conagra Brands, General Mills, Hain Celestial Group, J.M. Smucker, Kellogg, Kraft Heinz, Mizkan Holdings, Nestle, PepsiCo, Amy’s Kitchen, Carbone, G.L. Mezzetta, Newman’s Own, Chobani, Danone, Fage International, and Lactalis Group
10-K for FY2023, filed Feb 28, 2024Competing large, multi-brand consumer packaged food companies may include B&G Foods, Inc., Barilla Holding S.p.A., Campbell Soup Company…View ↗
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