Sovos Brands, which sells premium food brands including Rao's and noosa, raised $280 million by offering 23.3 million shares at $12, below the range of $14 to $16.
Formed by Advent International, Sovos Brands offers a select group of acquired premium food brands including Italian food and sauce brand Rao's, yogurt brand noosa, Italian frozen meal brand Michael Angelo's, and pancake and waffle brand Birch Benders. According to the company, its largest brand of products, Rao's, included the #1 selling SKU in the pasta and pizza sauce category (Rao’s Homemade 24oz marinara) by dollar sales in the twelve months ended June 13, 2021. Sovos Brands plans to continue its focus on acquiring, integrating, and growing unique and quality food brands.
Sovos Brands plans to list on the Nasdaq under the symbol SOVO. J.P. Morgan, Goldman Sachs, BofA Securities, Credit Suisse, Barclays, UBS Investment Bank, Cowen, Piper Sandler, Stifel, and William Blair acted as joint bookrunners on the deal.
