We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sovos Brands Inc | NASDAQ:SOVO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 22.98 | 21.02 | 22.99 | 0 | 01:00:00 |
| | | | | 1 | | | |
| | | | | 15 | | | |
| | | | | 24 | | | |
| | | | | 25 | | | |
| | | | | 26 | | | |
| | | | | 26 | | | |
| | | | | 26 | | | |
| | | | | 26 | | | |
| | | | | 26 | | | |
| | | | | 27 | | | |
| | | | | 27 | | | |
| | | | | 28 | | | |
| | | | | 28 | | | |
| | | | | 29 | | | |
| | | | | 29 | | | |
| | | | | 29 | | | |
| | | | | 29 | | | |
| | | | | 29 | | | |
| | | | | 29 | | | |
| | | | | 30 | | | |
| | | | | 31 | | | |
| | | | | 31 | | | |
| | | | | 31 | | | |
| | | | | 32 | | | |
| | | | | 42 | | | |
| | | | | 46 | | | |
| | | | | 47 | | | |
| | | | | 49 | | | |
| | | | | 55 | | | |
| | | | | 61 | | | |
| | | | | 61 | | | |
| | | | | 73 | | | |
| | | | | 74 | | |
| | | | | 76 | | | |
| | | | | 76 | | | |
| | | | | 76 | | | |
| | | | | 77 | | | |
| | | | | 77 | | | |
| | | | | 77 | | | |
| | | | | 77 | | | |
| | | | | 78 | | | |
| | | | | 78 | | | |
| | | | | 79 | | | |
| | | | | 79 | | | |
| | | | | 80 | | | |
| | | | | 82 | | | |
| | | | | 83 | | | |
| | | | | 86 | | | |
| | | | | 87 | | | |
| | | | | 90 | | | |
| | | | | 91 | | | |
| | | | | 92 | | | |
| | | | | 93 | | | |
| | | | | 94 | | | |
| | | | | 96 | | | |
| | | | | 96 | | | |
| | | | | 97 | | | |
| | | | | 98 | | | |
| | | | | 99 | | | |
| | | | | 100 | | | |
| | | | | 100 | | | |
| | | | | 100 | | | |
| | | | | 100 | | | |
| | | | | 101 | | | |
| | | | | 103 | | | |
| | | | | 104 | | | |
| | | | | 110 | | |
| | | | | 112 | | | |
| | | | | 113 | | | |
| | | | | 114 | | | |
| | | | | 115 | | | |
| | | | | A-1 | | | |
| | | | | B-1 | | | |
| | | | | C-1 | | | |
| | | | | D-1 | | | |
| | | | | E-1 | | |
| | |
Fiscal year
|
| |||||||||||||||||||||||||||
| | |
2023
|
| |
2024
|
| |
2025
|
| |
2026
|
| |
2027
|
| |||||||||||||||
| | |
(in US$ millions, except per share data)
|
| |||||||||||||||||||||||||||
Net Sales
|
| | | $ | 974.4 | | | | | $ | 1,117.2 | | | | | $ | 1,255.1 | | | | | $ | 1,357.2 | | | | | $ | 1,445.6 | | |
Adjusted EBITDA(1)
|
| | | $ | 148.2 | | | | | $ | 172.5 | | | | | $ | 200.7 | | | | | $ | 220.2 | | | | | $ | 237.3 | | |
Adjusted Net Income(2)
|
| | | $ | 74.1 | | | | | $ | 92.5 | | | | | $ | 113.6 | | | | | $ | 128.3 | | | | | $ | 141.1 | | |
Adjusted Earnings Per Share(3)
|
| | | $ | 0.73 | | | | | $ | 0.91 | | | | | $ | 1.12 | | | | | $ | 1.26 | | | | | $ | 1.39 | | |
Unlevered Free Cash Flow(4)
|
| | | $ | 80.6 | | | | | $ | 97.6 | | | | | $ | 123.3 | | | | | $ | 143.2 | | | | | $ | 156.0 | | |
Announcement Date
|
| |
Selected Transactions
|
| |
EV/LTM
EBITDA |
| |||
|
Acquiror
|
| |
Target
|
| |||||
February 2021 | | | Hormel Foods Corporation | | | Planters | | |
15.0x
|
|
November 2020 | | | McCormick & Company Inc. | | | Cholula Hot Sauce | | |
25.0x
|
|
August 2019 | | |
The Simply Good Foods Company
|
| | Quest Nutrition, LLC | | |
20.0x
|
|
June 2018 | | | Conagra Brands, Inc. | | | Pinnacle Foods Inc. | | |
15.9x
|
|
December 2017 | | | Campbell Soup Company | | | Snyder’s-Lance, Inc. | | |
20.9x
|
|
December 2017 | | | The Hershey Co. | | | Amplify Snack Brands, Inc. | | |
18.8x
|
|
July 2017 | | | McCormick & Company Inc. | | | Frank’s RedHot | | |
20.0x
|
|
November 2015 | | | Pinnacle Foods Inc. | | | Boulder Brands, Inc. | | |
14.7x
|
|
October 2015 | | | Snyder’s-Lance, Inc. | | | Diamond Foods, Inc. | | |
15.8x
|
|
March 2015 | | | H.J. Heinz Co. | | | Kraft Foods Group Inc. | | |
16.1x
|
|
July 2014 | | | Tyson Foods, Inc. | | | The Hillshire Brands Company | | |
16.7x
|
|
May 2014 | | | Mizkan Group | | | Ragu & Bertolli pasta sauce brand portfolio | | |
15.8x
|
|
February 2013 | | |
Berkshire Hathaway and 3G
Capital Management |
| | H.J. Heinz Co. | | |
13.7x
|
|
Median | | | | | | | | |
16.1x
|
|
Selected Companies
|
| |
2023E
EV/EBITDA Multiple |
| |
2024E
EV/EBITDA Multiple |
| ||||||
Sovos Brands
|
| | | | 15.9x | | | | | | 14.3x | | |
Selected Companies
|
| | | | | | | | | | | | |
Lancaster Colony Corporation
|
| | | | 20.0x | | | | | | 17.1x | | |
Utz Brands, Inc.
|
| | | | 17.2x | | | | | | 16.1x | | |
BellRing Brands, Inc.
|
| | | | 17.0x | | | | | | 15.2x | | |
The Simply Good Foods Company
|
| | | | 16.4x | | | | | | 15.1x | | |
Hostess Brands, Inc.
|
| | | | 12.7x | | | | | | 11.9x | | |
Selected Company
|
| |
2023E
EV / EBITDA |
| |||
B&G Foods, Inc.
|
| | | | 10.3x | | |
BellRing Brands, Inc.
|
| | | | 17.0x | | |
Hostess Brands, Inc.
|
| | | | 12.8x | | |
The Hain Celestial Group, Inc.
|
| | | | 10.8x | | |
Lancaster Colony Corp.
|
| | | | 20.2x | | |
Post Holdings, Inc.
|
| | | | 9.8x | | |
The Simply Good Foods Company
|
| | | | 16.4x | | |
Utz Brands, Inc.
|
| | | | 17.2x | | |
Mean | | | | | 14.3x | | |
Median | | | | | 14.6x | | |
Date Announced
|
| |
Target
|
| |
Acquiror
|
| |
EV / LTM
EBITDA |
|
July 2023 | | | Kevin’s Natural Foods | | | Mars, Incorporated | | |
n.a.
|
|
June 2023 | | | Yasso Holdings, Inc. | | | Unilever Plc | | |
n.a.
|
|
February 2021 | | | Planters snacking portfolio of Kraft Heinz Company | | | Hormel Foods Corporation | | |
12.5x
|
|
November 2020 | | | Parent company of Cholula Hot Sauce | | | McCormick & Company Inc. | | |
23.7x
|
|
August 2019 | | | Quest Nutrition, LLC | | | Simply Good Foods Company | | |
17.4x
|
|
June 2018 | | | Pinnacle Foods Inc. | | | Conagra Brands, Inc. | | |
15.9x
|
|
January 2018 | | |
Nestlé’s US confectionary business
|
| | Ferrero Group | | |
16.0x
|
|
December 2017 | | | Snyder’s-Lance, Inc. | | | Campbell Soup Company | | |
20.9x
|
|
December 2017 | | | Amplify Snack Brands, Inc. | | | The Hershey Co. | | |
18.8x
|
|
July 2017 | | | Reckitt Benckiser’s Food Division | | | McCormick & Company Inc. | | |
19.9x
|
|
November 2015 | | | Boulder Brands, Inc. | | | Pinnacle Foods Inc. | | |
14.0x
|
|
October 2015 | | | Diamond Foods, Inc. | | | Snyder’s-Lance, Inc. | | |
15.7x
|
|
March 2015 | | | Kraft Foods Group, Inc. | | | H.J. Heinz Company | | |
16.2x
|
|
July 2014 | | | The Hillshire Brands Company | | | Tyson Foods, Inc. | | |
16.7x
|
|
May 2014 | | | Conopco Inc. | | | Mizkan Group | | |
15.8x
|
|
February 2013 | | | H.J. Heinz Company | | | H.J. Heinz Holding Corporation (3G Capital; Berkshire Hathaway) | | |
13.7x
|
|
Mean | | | | | | | | |
16.9x
|
|
Median | | | | | | | | |
16.1x
|
|
Name(1)
|
| |
Age
|
| |
Position
|
| |
Since
|
|
William R. Johnson | | | 74 | | | Chairman of the Board | | | 2017 | |
Todd R. Lachman(2) | | | 60 | | | Director, Founder, President and Chief Executive Officer; | | | 2017 | |
Tamer Abuaita | | | 50 | | | Director | | | 2022 | |
Jefferson M. Case | | | 46 | | | Director | | | 2017 | |
Neha U. Mathur | | | 31 | | | Director | | | 2021 | |
David S. Roberts | | | 39 | | | Director | | | 2017 | |
Valarie L. Sheppard | | | 59 | | | Director | | | 2021 | |
Vijayanthimala (Mala) Singh | | | 53 | | | Director | | | 2021 | |
Risa Cretella | | | 44 | | | Chief Sales Officer | | | 2023 | |
Katie J. Gvazdinskas | | | 44 | | | Chief Human Resources Officer | | | 2021 | |
Christopher W. Hall | | | 62 | | | Chief Financial Officer | | | 2019 | |
E. Yuri Hermida(2) | | | 50 | | | Chief Growth Officer | | | 2022 | |
Kirk A. Jensen(2) | | | 49 | | | Chief Operating Officer | | | 2022 | |
Isobel A. Jones | | | 56 | | | Chief Legal Officer and General Counsel; Secretary | | | 2020 | |
Lisa Y. O’Driscoll | | | 50 | | | Chief Administrative Officer | | | 2021 | |
| | |
Vests
|
| | |
Forfeits
|
| ||||||||||||||||||||||||||||||
Name/Group
|
| |
Company
Time- Based Restricted Stock(1) |
| |
Company
Time- and Performance- Based Restricted Stock(2) |
| |
Company
Performance- Based Restricted Stock(3) |
| |
Total Cash
Amount to be Paid Based on Merger Consideration |
| | |
Company
Performance- Based Restricted Stock |
| |
Total Cash
Amount Forfeited Based on Merger Consideration |
| ||||||||||||||||||
William R. Johnson
|
| | | | — | | | | | | 120,741 | | | | | | 114,922 | | | | | $ | 5,420,249 | | | | | | | 17,187 | | | | | $ | 395,301 | | |
Todd R. Lachman(4)
|
| | | | — | | | | | | 414,810 | | | | | | 421,247 | | | | | $ | 19,229,311 | | | | | | | 90,768 | | | | | $ | 2,087,664 | | |
E. Yuri Hermida(5)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | |
Kirk A. Jensen
|
| | | | — | | | | | | 60,648 | | | | | | 60,118 | | | | | $ | 2,777,618 | | | | | | | 11,504 | | | | | $ | 264,592 | | |
All executive officers and directors as a group(6)
|
| | | | 25 | | | | | | 801,698 | | | | | | 798,322 | | | | | $ | 36,800,460 | | | | | | | 156,437 | | | | | $ | 3,598,051 | | |
Name
|
| |
Number of
Company RSUs(1) |
| |
Cash Amount
to be Paid Based on Merger Consideration |
| ||||||
Tamer Abuaita
|
| | | | 6,413 | | | | | $ | 147,499 | | |
Jefferson M. Case(2)
|
| | | | — | | | | | | — | | |
William R. Johnson
|
| | | | 38,199 | | | | | $ | 878,577 | | |
Neha Mathur(2)
|
| | | | — | | | | | | — | | |
David Roberts(2)
|
| | | | — | | | | | | — | | |
Valarie Sheppard
|
| | | | 6,413 | | | | | $ | 147,499 | | |
Vijayanthimala (Mala) Singh
|
| | | | 6,413 | | | | | $ | 147,499 | | |
| | |
Number of
Shares Beneficially Owned |
| |
Percentage
of Shares Beneficially Owned |
| ||||||
5% stockholders | | | | | | | | | | | | | |
Funds managed by Advent International, L.P.(1)
|
| | | | 42,612,154 | | | | | | 42.1% | | |
Capital World Investors(2)
|
| | | | 5,297,349 | | | | | | 5.2% | | |
Wellington Management Group(3)
|
| | | | 6,218,132 | | | | | | 6.1% | | |
Named executive officers and directors | | | | | | | | | | | | | |
Todd R. Lachman(4)
|
| | | | 1,752,009 | | | | | | 1.7% | | |
E. Yuri Hermida
|
| | | | — | | | | | | — | | |
Kirk A. Jensen(5)
|
| | | | 219,581 | | | | | | * | | |
William R. Johnson(6)
|
| | | | 1,396,539 | | | | | | 1.4% | | |
Tamer Abuaita
|
| | | | 7,122 | | | | | | * | | |
Jefferson M. Case(7)
|
| | | | — | | | | | | * | | |
Neha U. Mathur(7)
|
| | | | — | | | | | | * | | |
David W. Roberts
|
| | | | — | | | | | | * | | |
Valarie L. Sheppard
|
| | | | 15,229 | | | | | | * | | |
Vijayanthimala (Mala) Singh
|
| | | | 15,229 | | | | | | * | | |
All executive officers and directors as a group (15 persons)
|
| | | | 3,982,487 | | | | | | 3.9% | | |
| | |
Page
|
| |||
ARTICLE 1
Definitions |
| ||||||
| | | | A-1 | | | |
| | | | A-9 | | | |
ARTICLE 2
The Merger |
| ||||||
| | | | A-10 | | | |
| | | | A-11 | | | |
| | | | A-11 | | | |
| | | | A-12 | | | |
| | | | A-13 | | | |
| | | | A-15 | | | |
| | | | A-15 | | | |
| | | | A-15 | | | |
ARTICLE 3
The Surviving Corporation |
| ||||||
| | | | A-15 | | | |
| | | | A-15 | | | |
| | | | A-15 | | | |
ARTICLE 4
Representations and Warranties of the Company |
| ||||||
| | | | A-16 | | | |
| | | | A-16 | | | |
| | | | A-16 | | | |
| | | | A-17 | | | |
| | | | A-17 | | | |
| | | | A-18 | | | |
| | | | A-18 | | | |
| | | | A-20 | | | |
| | | | A-20 | | | |
| | | | A-20 | | | |
| | | | A-20 | | |
| | |
Page
|
| |||
| | | | A-20 | | | |
| | | | A-21 | | | |
| | | | A-21 | | | |
| | | | A-21 | | | |
| | | | A-22 | | | |
| | | | A-23 | | | |
| | | | A-23 | | | |
| | | | A-24 | | | |
| | | | A-25 | | | |
| | | | A-26 | | | |
| | | | A-27 | | | |
| | | | A-29 | | | |
| | | | A-29 | | | |
| | | | A-29 | | | |
| | | | A-31 | | | |
| | | | A-31 | | | |
| | | | A-31 | | | |
| | | | A-31 | | | |
ARTICLE 5
Representations and Warranties of Parent |
| ||||||
| | | | A-32 | | | |
| | | | A-32 | | | |
| | | | A-32 | | | |
| | | | A-32 | | | |
| | | | A-32 | | | |
| | | | A-32 | | | |
| | | | A-33 | | | |
| | | | A-33 | | | |
| | | | A-33 | | | |
| | | | A-33 | | |
| | |
Page
|
| |||
ARTICLE 6
Covenants of the Company |
| ||||||
| | | | A-34 | | | |
| | | | A-36 | | | |
| | | | A-37 | | | |
ARTICLE 7
Covenants of Parent |
| ||||||
| | | | A-40 | | | |
| | | | A-40 | | | |
| | | | A-41 | | | |
ARTICLE 8
Covenants of Parent and the Company |
| ||||||
| | | | A-43 | | | |
| | | | A-45 | | | |
| | | | A-45 | | | |
| | | | A-47 | | | |
| | | | A-47 | | | |
| | | | A-47 | | | |
| | | | A-47 | | | |
| | | | A-48 | | | |
| | | | A-48 | | | |
| | | | A-48 | | | |
| | | | A-48 | | | |
ARTICLE 9
Conditions to the Merger |
| ||||||
| | | | A-51 | | | |
| | | | A-51 | | | |
| | | | A-52 | | | |
ARTICLE 10
Termination |
| ||||||
| | | | A-52 | | | |
| | | | A-53 | | |
| | |
Page
|
| |||
ARTICLE 11
Miscellaneous |
| ||||||
| | | | A-53 | | | |
| | | | A-54 | | | |
| | | | A-54 | | | |
| | | | A-55 | | | |
| | | | A-56 | | | |
| | | | A-56 | | | |
| | | | A-56 | | | |
| | | | A-57 | | | |
| | | | A-57 | | | |
| | | | A-57 | | | |
| | | | A-57 | | | |
| | | | A-57 | | | |
| | | | A-57 | | | |
| | | | A-58 | | | |
Exhibit A – Voting Agreement Parties | | ||||||
Exhibit B – Certificate of Incorporation of Surviving Corporation |
|
Term
|
| |
Section
|
|
Adverse Recommendation Change | | | 6.03(a) | |
Agreement | | | Preamble | |
Board of Directors | | | Recitals | |
Burdensome Condition | | | 8.01(c) | |
Certificates | | | 2.03(a) | |
Closing | | | 2.01(b) | |
Closing Date | | | 2.01(b) | |
Company | | | Preamble | |
Company Board Recommendation | | | 4.02(b) | |
Company Disclosure Documents | | | 4.09(a) | |
Company Meeting | | | 4.03 | |
Company SEC Documents | | | 4.07(a) | |
Company Securities | | | 4.05(b) | |
Company Subsidiary Securities | | | 4.06(b) | |
Confidentiality Agreement | | | 6.02 | |
Continuation Period | | | 7.03(a) | |
D&O Indemnification Documents | | | 7.02(a) | |
D&O Insurance | | | 7.02(c) | |
Data Breach | | | 4.17 | |
Effective Time | | | 2.01(c) | |
Term
|
| |
Section
|
|
Electronic Delivery | | | 11.10 | |
End Date | | | 10.01(b) | |
Exchange Agent | | | 2.03(a) | |
FDA | | | 4.25(a) | |
Food Authorities | | | 4.25(a) | |
FTC | | | 4.25(a) | |
Indemnified Person | | | 7.02(a) | |
Indemnity Proceedings | | | 7.02(a) | |
Intervening Event | | | 6.03(b) | |
Lease | | | 4.15(b) | |
Leased Real Property | | | 4.15(b) | |
Material Contract | | | 4.22(b) | |
Merger | | | 2.01(a) | |
Merger Consideration | | | 2.02 | |
Merger Sub | | |
Preamble
|
|
Parent | | |
Preamble
|
|
Parent Related Party | | | 11.04(c) | |
Parent RSU | | | 2.05(b) | |
Proxy Statement | | | 4.03 | |
Registered Intellectual Property | | | 4.16 | |
Representatives | | | 6.02 | |
Requisite Company Vote | | | 4.02(a) | |
Reverse Termination Fee | | | 11.04(c) | |
Sanctions | | | 4.12(c) | |
Shares | | | 2.02(a) | |
Superior Proposal | | | 6.03(e) | |
Surviving Corporation | | | 2.01(a) | |
Surviving Economic Provisions | | | 10.02 | |
Terminating Company PSU | | | 2.05(c) | |
Terminating Company PSU Consideration | | | 2.05(c) | |
Terminating Company Restricted Stock | | | 2.05(a) | |
Terminating Company Restricted Stock Consideration | | | 2.05(a) | |
Terminating Company RSU | | | 2.05(b) | |
Terminating Company RSU Consideration | | | 2.05(b) | |
Termination Fee | | | 11.04(b) | |
Uncertificated Shares | | | 2.03(a) | |
USDA | | | 4.25(a) | |
Voting Agreement | | | Recitals | |
| | | | CAMPBELL SOUP COMPANY | | |||
| | | | By: | | |
/s/ Mark A. Clouse
Name:
Mark A. Clouse
|
|
| | | | | | |
Title:
President and Chief Executive Officer
|
|
| By: GPE VIII GP S.à r.l., its general partner | | | ||
| By: Advent International GPE VIII, LLC, its manager | | |
/s/ Jarlyth Gibson
Jarlyth Gibson, manager
|
|
| By: Advent International, L.P., its manager | | | | | |||
| By: Advent International GP, LLC, its general partner | | | | | |||
| By: | | |
/s/ Neil Crawford
Name:
Neil Crawford
|
| | | |
| | | |
Title:
Vice President of Finance
|
| | | |
| By: | | |
/s/ Neil Crawford
Name:
Neil Crawford
|
| | | |
| | | |
Title:
Vice President of Finance
|
| | | |
| By: | | |
/s/ Neil Crawford
Name:
Neil Crawford
|
| | | |
| | | |
Title:
Vice President of Finance
|
| | | |
|
/s/ Neha Mathur
Name:
Neha Mathur
|
| | | |
|
Title:
President
|
| | | |
| |
Name of Stockholder
|
| | |
Total Shares Owned
|
| | |
Address for Notices
(including email) |
| |
| |
|
| | | | | | | | | |
1 Year Sovos Brands Chart |
1 Month Sovos Brands Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions