Sovos Brands has announced that it has completed the divestiture of the Birch Benders pancake mix brand and related assets to Hometown Food Company.
In a statement, the Colorado-based food company said the divestiture of Birch Benders will have no impact on its fiscal 2022 net sales and adjusted EBITDA.
'Commitment To Growing Core Brands'
"We are pleased to complete the sale of Birch Benders to Hometown Food Company, a business already home to a number of popular breakfast and baking brands," said president and chief executive officer at Sovos Brands, Todd Lachman.
"Today’s announcement reflects Sovos Brands’ continued commitment to growing our core Rao’s and Noosa brands and, in particular, accelerating Rao’s to $1 billion in net sales and beyond. As we look ahead, Sovos Brands will be a more focused business that is better-positioned to drive sustainable sector leading growth for years to come," he added.
Rao's Franchise
Sovos Brands is one of the fastest-growing food companies of scale in the United States. In November, it reported financial results for its third quarter which showed net sales of $208.9 million (€194.3 million), a 16.9% increase over the prior year period. The growth continues to be led by the Rao’s franchise, where consumption trends have remained robust.
The company’s product offerings include a variety of pasta sauces, dry pasta, soups, frozen entrées, yogurts, pancake and waffle mixes, other baking mixes, and frozen waffles, all of which are sold in the United States under the brand names Rao’s, Michael Angelo’s and noosa.
© 2023 European Supermarket Magazine – your source for the latest retail news. Article by Robert McHugh. Click subscribe to sign up to ESM: The European Supermarket Magazine.
