Updated:
Campbell's
Sovos Brands, founded by Todd R. Lachman, built Rao's Homemade into a premium food platform and sold to Campbell's for $2.7 billion in 2023.
Campbell's
Sovos Brands was founded in 2017 by Todd R. Lachman, a former CEO of Bolthouse Farms and veteran of Kraft Foods. The firm acquired Rao's Homemade from private equity in its first year, then added noosa yoghurt in 2018 and Michael Angelo's frozen entrees in 2019. All three brands target the premium end of the grocery aisle. The firm's strategy concentrated on niche, authentic Italian-American and premium dairy categories. It backed Rao's pasta sauces and frozen meals, noosa's cultured dairy products, and Michael Angelo's entrees. Geographically, distribution focused on US grocery chains such as Kroger, Publix, and Costco. The firm operated as a holding company, letting each brand maintain separate marketing and supply chains. Sovos Brands went public on NASDAQ in September 2021 under ticker SOVO, raising roughly $580 million in its IPO. The firm employed approximately 1,000 people across its Louisville headquarters and manufacturing facilities. In March 2023, Campbell's (now The Campbell's Company) announced its acquisition of Sovos Brands for $2.7 billion, which closed by year-end 2023 (per Campbell's, March 2023). The company's architecture was unusual for a family-office-like platform: it blended private-equity acquisition tactics with public-company scale, then exited entirely via a strategic sale. Lachman, who owned about 11% of the company pre-sale, secured a premium exit — Campbell's paid roughly 20x Sovos' 2022 EBITDA of $135 million.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Louisville
Corporate office
Louisville, United States
Additional offices
1 Campbell Place, Camden, NJ 08103-1701, United States
Sector focus
Frequently asked questions
Who founded Sovos Brands and what was their background?
Sovos Brands was founded in 2017 by Todd R. Lachman. He previously served as CEO of Bolthouse Farms and held executive roles at Kraft Foods, giving him deep experience in packaged food branding and distribution (per Sovos Brands IPO filings, 2021).
What brands did Sovos Brands own?
Sovos Brands owned and operated Rao's Homemade (premium pasta sauces and frozen meals), noosa (premium yogurt), and Michael Angelo's (frozen Italian entrees). All three were acquired between 2017 and 2019.
How was Sovos Brands structured — as a holding company or a single-family office?
Sovos Brands was structured as a publicly traded holding company that operated each brand independently. It functioned like a private-equity platform with permanent capital, buying and scaling smaller premium food companies under a unified corporate umbrella.
Did Sovos Brands ever pay dividends or return capital to shareholders before the acquisition?
No. Sovos Brands did not pay dividends. It reinvested all free cash flow into brand growth and marketing. It also carried significant debt from its acquisitions, which it serviced from operating income (per Sovos Brands annual reports, 2021–2022).
Why did Campbell's acquire Sovos Brands?
Campbell's acquired Sovos Brands to expand its premium shelf-stable and frozen food portfolio, particularly Rao's Homemade, which had become the fastest-growing pasta sauce brand in the US. The $2.7 billion purchase price valued Sovos at roughly 20x its 2022 EBITDA (per Campbell's March 2023 announcement).
What happened to Sovos Brands after the Campbell's acquisition?
After the acquisition closed in December 2023, Sovos Brands was fully integrated into Campbell's. Todd Lachman stepped down as CEO but remained a consultant for a transition period. The brands continue to operate under Campbell's portfolio (per Campbell's 2023 annual report).
Was Sovos Brands ever structured as a family office?
No. Sovos Brands was a publicly traded corporation — it was never structured as a family office or a private investment vehicle. The firm's founder Todd Lachman was its CEO and largest individual shareholder, but the entity itself was not a family-office structure.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on family offices?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: