Sovos Brands, created in 2017 by an investment fund headed by former executives from Heinz and Mars, has filed for an initial public offering of stock, hoping to raise $100 million.
Sovos, nominally headquartered in Louisville, Colo., and reporting 2020 sales of $660 million, did not list the target price or range, the number of shares nor a date, according to its filing Aug. 27 with the Securities and Exchange Commission. Its sales for the first half of this year were $351.2 million — an increase of 34% compared with the same time period in 2020.
Its chairman is William Johnson, the last chairman/CEO of an independent H.J. Heinz Co. Founder and Pres/CEO is Todd Lachman, who in eight years at Mars led the North America and Latin America chocolate businesses and then global pet care.
Sovos has grown by acquisition, specifically Birch Benders, Michael Angelo’s Gourmet Foods, Noosa Yoghurt and Rao’s Specialty Foods. Its sales have grown a compound annual growth rate of 66% 2018-2020, the report claims. Moreover, its four brands have grown sales organically 28% a year since Sovos has owned them.
Sovos was the newest addition to our Top 100(c), although forgive us for overestimating their revenue (we had 'em at $800 million).
