Campbell Soup Company announced it has completed the acquisition of Sovos Brands Inc. (?Sovos Brands?) for $23 per share in an all-cash transaction, which represents a total enterprise value of approximately $2.7 billion. New Distinctive Brands Business Unit within Meals & Beverages Combines Acquired Brands with Pacific Foods to Drive Accelerated Growth: To drive the continued growth trajectory of these premium brands, the company has formed a new business unit within the Meals & Beverages division called Distinctive Brands. Pacific Foods, a significant growth engine since it was acquired in December 2017, will be paired with Rao?s, Michael Angelo?s and noosa to form the unit.

The other three business units in the Meals & Beverages division are U.S. Retail, Canada and Foodservice. Distinctive Brands will be led by Risa Cretella, Senior Vice President and General Manager, and will have dedicated teams supported by Campbell?s scaled capabilities. Cretella most recently served as Chief Sales Officer at Sovos Brands.

She will report to Mick Beekhuizen, Campbell?s Executive Vice President and President, Meals & Beverages.