Sovos Brands, a food and beverage company formed by Advent International, has completed its previously announced acquisition of Rao’s Specialty Foods, a New York producer of Rao’s Homemade, a brand of pasta sauce.
Rao’s Specialty Foods is the second acquisition in less than six months for Sovos Brands. Rao’s Specialty Foods joins Sovos’ portfolio of brands that also includes Michael Angelo’s Gourmet Foods, a producer of frozen Italian entrées.
Rao’s Homemade’s heritage dates back to the opening of Rao’s Italian restaurant in East Harlem, New York, in 1896. In addition to sauces, the company offers a selection of dry pasta, dressings, marinades, olive oils, vinegars, tomatoes and fire-roasted red peppers.
This transaction does not include Rao’s restaurants in New York, Las Vegas and Los Angeles, which will remain under current ownership.
“The Rao’s brand will always have deep meaning for me and my family,” said Frank Pellegrino Jr., principal of Rao’s Restaurant Group. “I am pleased to know that the Sovos team will honor and preserve our heritage as they lead the business into the future. I look forward to providing counsel to Sovos Brands to ensure that Rao’s Specialty Foods continues to grow and reach more customers with its high-quality super premium pasta sauce and complementary specialty goods.”
Added Todd Lachman, president and CEO of Sovos Brands, “We are thrilled to officially welcome Rao’s Specialty Foods to our family of high-quality, unique brands. Rao’s Specialty Foods has significant growth opportunities and we look forward to working alongside the company’s talented management team to accelerate its strong growth trajectory.”
Eric Skae, who will continue to lead Rao’s Specialty Foods as business GM, said, “This is an important and exciting day for the entire Rao’s Specialty Foods family. The resources and expertise of Sovos and Advent will position us strongly for continued success and future growth. We are excited to partner with the Sovos Brands’ team in this next stage of our development.”