Morrison & Foerster LLP is serving as counsel to Rao’s Specialty Foods, Inc. in its sale to Sovos Brands, an affiliate of funds managed by Advent International.
The financial terms of the deal were not disclosed. The transaction is expected to close during the third quarter of 2017.
Rao’s is an iconic brand with a storied heritage dating back to the opening of Rao’s Italian restaurant in East Harlem, New York in 1896. Established in 1992, Rao’s Specialty Foods produces super premium pasta sauce, which is known for its commitment to high quality. In addition, the company offers a selection of premium dry pasta, dressings, marinades, olive oils, vinegars, tomatoes and fire-roasted red peppers. The transaction does not include the iconic Rao’s restaurants in New York, Las Vegas and Los Angeles, which will remain under current ownership.
The MoFo team advising Rao’s was led by New York partner Spencer Klein and associate Joseph Sulzbach.
For more information, see the related press release.
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