Sovos Brands Completes Transaction To Acquire Birch Benders
With new acquisition Sovos' annual retail sales to exceed $750M
BERKELEY, Calif. and DENVER, Oct. 26, 2020 /PRNewswire/ -- Sovos Brands ("Sovos") today announced that it has completed its transaction to acquire the business of Birch Benders, LLC ("Birch Benders"), a fast-growing producer of delicious, better-for-you pancake & waffle mixes, toaster waffles, and pancake & baking cups.
"As one of the fastest growing pancake and waffle mix brands, along with its delicious high-quality products, Birch Benders fits perfectly with Sovos' mission to acquire and build a portfolio of one-of-a-kind brands," said Todd Lachman, President and CEO of Sovos Brands. With the addition of Birch Benders, Sovos will now play in seven large categories: sauces, yogurt, frozen entrées, pancake & waffle mixes, frozen waffles, soups, and pasta.
The acquisition will diversify Sovos' consumer base and strengthen its presence in the breakfast and snacking categories. "Like all the brands in our portfolio, Birch Benders has reinvigorated its category with its highly distinctive offerings, which include popular paleo and keto alternatives," said Jason Vieth, EVP, General Manager, who will lead the brand. "We are excited to unleash the next level of growth for the Birch Benders brand."
Birch Benders is the fourth addition to the Sovos portfolio. The other brands in its portfolio include Rao's, a line of premium pasta sauces, soups, frozen entrées and pasta; noosa yoghurt; and Michael Angelo's frozen entrées. Since Sovos' acquisition of these brands, Sovos has consistently delivered double-digit sales growth while expanding profit margins. With the addition of Birch Benders, Sovos' annual retail sales will exceed $750M.
Based in Denver, Colorado, Birch Benders was founded in 2011 by Matt LaCasse and Lizzi Ackerman, who set out to fill a gap in the center store by creating an easy-to-make, restaurant-quality pancake mix that was delicious and nutritious. Known for high-quality ingredients, and for bringing better-for-you, guilt-free food options to typically indulgent categories, Birch Benders products' simple ingredient profile resonates with consumers and is aligned with key market trends. Birch Benders products taste delicious and cater to a variety of lifestyles, with organic, plant-based, protein, paleo, and keto alternatives.
Piper Sandler served as financial advisor and Haynes and Boone LLP served as legal advisor to Birch Benders on the transaction. Weil, Gotshal & Manges served as legal advisor to Sovos Brands.
About Sovos Brands
Sovos Brands is a food company with a mission to acquire, build and grow a portfolio of one-of-a-kind brands that bring today's consumers delicious food for joyful living. Sovos Brands invests in brands that have exciting growth potential, combining industry expertise with fresh thinking to bring its products into more homes across America.
The brands in its portfolio include Rao's, a line of premium pasta sauces, soups, frozen entrées and pasta; noosa, a producer of thick, velvety whole milk yoghurt; Birch Benders, a fast-growing producer of delicious, better-for-you pancake and waffle mixes, toaster waffles, and pancake and baking cups; and Michael Angelo's, a leading producer of authentic frozen Italian entrées.
SOVOS™, RAO'S®, RAO'S HOMEMADE®, NOOSA®, BIRCH BENDERS® and MICHAEL ANGELO'S® are trademarks of Sovos Brands.
Find out more about Sovos Brands at www.sovosbrands.com, Rao's Homemade at www.raos.com, noosa at www.noosayoghurt.com, Birch Benders at www.birchbenders.com; and Michael Angelo's at www.michaelangelos.com.
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SOURCE Sovos Brands
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