CAMPBELL'S Co (CPB): M&A transaction — Campbell completes $2.7B acquisition of Sovos Brands; adds Rao's, creates Distinctive Brands unit

CAMPBELL'S Co

Acquired Sovos Brands for $23.00/share in cash; total enterprise value approx. $2.7 billion.
Sovos reported $1.0B net sales in FY2023, organic growth +25% YoY; Rao's brand generated $775M revenue (+37%).
New Distinctive Brands unit formed within Meals & Beverages, led by Risa Cretella; combines Rao's, Michael Angelo's, noosa with Pacific Foods.
Expects ~$50M annual cost synergies over two years; transaction accretive to adjusted EPS by second year of ownership.
Borrowed $2B under delayed draw term loan on closing; had ~$925M outstanding CP as of March 11, 2024.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CAMPBELL'S Co incurred term loan of $2 billion with Bank of America, N.A., as administrative agent maturing October 8, 2024.

Instrument: term loan
Principal: $2 billion
Counterparty: Bank of America, N.A., as administrative agent
Maturity: October 8, 2024
Event: incurrence

Exact text from the filing

on the date hereof, the Company borrowed an aggregate principal amount of $2 billion under the Credit Agreement

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

CAMPBELL'S Co completed an acquisition involving Sovos Brands, Inc. for $23.00 per share in cash (closed 2024-03-12).

Action: acquisition
Counterparty: Sovos Brands, Inc.
Consideration: $23.00 per share in cash
Closing: 2024-03-12

Exact text from the filing

prior to the Effective Time and (iii) any dissenting Sovos Common Stock) was canceled and automatically converted into the right to receive an amount in cash equal to $23.00 per share of Sovos Common Stock, without interest (the “ Merger Consideration ”). In addition, at the Effective Time: · Each restricted share of Sovos Common Stock that was

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299 debt financings filed in the last 30 days. Browse all debt financings →

CAMPBELL'S Co filing history →

Source: SEC EDGAR

accession 0000950103-24-003686

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