Sovos Brands, Inc. acquired by Campbell Soup Company

Basis

• USD 2.7bn enterprise value is treated as publicly disclosed or derived directly from public source data.
• Valuation covers 100% of the target; the amount invested or paid for a stake is separate.
• Implied EV / revenue is 3.23x, calculated from USD 2.7bn value and USD 837m revenue.
• Revenue and multiple inputs are not fully disclosed in public transaction materials reviewed; treat the multiple as an estimate.
• 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; only the standalone multiple is recorded as the canonical EBITDA multiple. Approximate EV divided by adjusted CY2022 sales implies approximately 3.2x, with differing metric periods noted; it is an estimated ratio, not a reported multiple. Campbell later reported total purchase consideration of $2.899 billion; that figure is not substituted for the announced EV. EBITDA multiple reported by Campbell. Revenue multiple is an approximate derived ratio using announced approximate EV and CY2022 adjusted net sales; periods differ. CY2022 adjusted net sales were $837 million; TTM adjusted EBITDA ended July 1, 2023 was $137.636 million. The source reports a 19.8x standalone adjusted EBITDA multiple.