Campbell Soup completed the acquisition of Sovos Brands from Advent International for $2.7bn.

Campbell Soup, a manufacturer of branded convenience food products, completed the acquisition of Sovos Brands, a food and beverage company, from Advent International for $2.7bn. “We’re thrilled to add the most compelling growth story in the food industry and welcome the talented employees who have built a nearly $1bn portfolio. This acquisition fits perfectly with and accelerates our strategy of focusing on one geography, two divisions and select key categories that we know well. Our focused strategy has enabled us to deliver strong results over the last five years, enhance our brands and capabilities, and generate strong cash flow to lower debt. With all this progress, I am confident in our readiness to execute and integrate this important acquisition. The Sovos Brands portfolio strengthens and diversifies our Meals & Beverages division and paired with our faster-growing and differentiated Snacks division, makes Campbell one of the most dependable, growth-oriented names in food,” Mark Clouse, Campbell President and CEO.