M&A · Industrials · Food and Kindred Products
Campbell Soup Co to acquire Sovos Brands, Inc.
Announced Aug 7, 2023 · Closed Mar 12, 2024
Deal value$2.70BEV $2.70B
Premium27.6%To unaffected price
EV / Adj. EBITDA—2.9x EV / Revenue
ConsiderationAll cash$23.00 per share
Transaction
- Acquirer
- Campbell Soup Co (CPB)
- Target
- Sovos Brands, Inc.
- Buyer type
- Strategic
- Offer price per share
- $23.00
- Enterprise value
- $2.70B
- Status
- Closed Mar 12, 2024
Deal protections
- Break fee (target pays)
- $71.3M · 2.6%
- Reverse fee (buyer pays)
- $145M · 5.4%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Evercore
- To the target
- Goldman Sachs, Centerview
- Centerview fee
- $7.0M
Sector context · Industrials
- Comparable deals
- 74 in the prior 24 months
- Premium
- 27.6% vs. 47.1% sector median
- EV / Adj. EBITDA
- Sector median 11.1x
- Break fee
- 2.6% vs. 2.9% sector median
Timeline
- AnnouncedAug 7, 2023
- Proxy filedAug 31, 2023
- Definitive proxySep 13, 2023
- Shareholder voteOct 16, 2023
- ClosedMar 12, 2024
Valuation · fairness opinions
Discounted cash flowGoldman Sachs$19.08$25.66
Future share priceGoldman Sachs$18.79$27.61
Precedent transactionsGoldman Sachs$14.97$29.81
52-week trading rangeGoldman Sachs$20.40$24.82
Trading comparablesCenterview$19.55$23.75
Trading comparablesCenterview$18.00$24.55
Discounted cash flowCenterview$19.80$25.75
Offer $23.00
Implied value per Sovos Brands, Inc. share by analysis, from Goldman Sachs and Centerview · DCF discount rate 7.25%–8.25%.