Sovos Brands Completes the Sale of Birch Benders
LOUISVILLE, Colo., Jan. 09, 2023 (GLOBE NEWSWIRE) -- Sovos Brands, Inc. (“Sovos Brands” or the “Company”) (Nasdaq: SOVO), one of the fastest-growing food companies of scale in the United States, today announced that it has completed the divestiture of the Birch Benders brand and related assets to Hometown Food Company, a portfolio company controlled by Brynwood Partners VIII L.P.
- LOUISVILLE, Colo., Jan. 09, 2023 (GLOBE NEWSWIRE) -- Sovos Brands, Inc. (“Sovos Brands” or the “Company”) (Nasdaq: SOVO), one of the fastest-growing food companies of scale in the United States, today announced that it has completed the divestiture of the Birch Benders brand and related assets to Hometown Food Company, a portfolio company controlled by Brynwood Partners VIII L.P.
- “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,” commented Todd Lachman, President and Chief Executive Officer.
- “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.”
Given the timing of the transaction, the divestiture of Birch Benders will have no impact on the Company’s fiscal 2022 net sales and adjusted EBITDA.