MoFo News Item

MoFo Advises Rao’s Specialty Foods in its Sale to Sovos Brands

08 Jun 2017

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.

Select media coverage:

  • M&A Navigator: “Sovos Brands Acquires US-based Italian Food Brand Rao's Specialty Foods” (June 12, 2017)
  • Food Navigator: “Rao’s Homemade acquired by Sovos Brands as it seeks to build empire of on-trend brands” (June 9, 2017)
  • Mergers & Acquisitions: “Advent laps up sauce maker Rao’s, demonstrating demand for packaged foods” (June 9, 2017) (subscription required)
  • Axios: “Private Equity Deal” (June 9, 2017)
  • PE Hub: “PE-backed Sovos Brands to buy pasta sauce producer Rao’s Specialty Foods” (June 8, 2017)
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