Sovos Brands, Inc. acquired by Campbell Soup Company

Basis

• The announced enterprise value is approximately $2.7 billion. Sovos Brands reported adjusted net sales of $837 million for CY2022, excluding $41.2 million of sales from the divested Birch Benders business and including the 53rd week; organic net sales were $818.9 million after excluding the 53rd week. Adjusted EBITDA was $137.636 million for the TTM ended July 1, 2023. Campbell reported 19.8x adjusted EBITDA excluding synergies and 14.6x including approximately $50 million of expected annual run-rate synergies; the standalone 19.8x is shown as the EBITDA multiple. Approximate EV divided by adjusted CY2022 sales gives an estimated 3.2x; the revenue and EBITDA periods differ. Campbell later reported total purchase consideration of $2.899 billion; that figure is not substituted for the announced EV.