Sovos Brands, a food company backed by global private equity firm Advent International, announced that it has signed an agreement to acquire the business of Birch Benders, a fast-growing producer of delicious, better-for-you Pancake and Waffle Mixes, Toaster Waffles, and Pancake and Baking Cups. The transaction is expected to be completed by the end of October.
The acquisition deepens Sovos Brands’ role in the breakfast and snacking categories and represents a significant step in the company’s mission to acquire and build one-of-a-kind brands that bring consumers delicious food for joyful living, according to the Company’s press statement.
“With its absolutely delicious products that deliver against healthy consumer lifestyles such as paleo and keto diets, Birch Benders is the perfect next addition to our growing portfolio of one-of-a-kind brands. Birch Benders shares Sovos’ commitment to making simple and delicious foods that use only the highest quality ingredients,” said Todd Lachman, President and CEO of Sovos Brands. “With our proven ability to transform brands by unleashing growth and deepening consumer affinity, we are thrilled to take Birch Benders to a new chapter of growth while diversifying Sovos Brands into new categories.”
Upon the addition of the Birch Benders brand to the Sovos portfolio, Sovos will now play in seven large food categories – sauces, yogurt, frozen entrées, pancake & waffle mixes, frozen waffles, soups and dry pasta. The acquisition diversifies the company’s consumer base by strengthening its presence in the breakfast and snacking categories, and bolsters the company’s ambitions to participate in more food occasions.
“We are absolutely thrilled to be joining the Sovos Brands family,” said Matt LaCasse, Birch Benders’ founder and CEO. “We believe the wealth of experience and resources of the team at Sovos will allow us to reach even more consumers with our delicious, innovative, easy-to-make offerings made with nutrient-rich, quality ingredients.”
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.
Over the past 30 years, Advent International has invested $13 billion in 80 companies in the sector across 22 countries worldwide. In addition to Sovos Brands, recent North American investments include Thrasio, Olaplex, Aimbridge Hospitality, First Watch Restaurants and lululemon athletica.
Piper Sandler is serving as financial advisor and Haynes and Boone is serving as legal advisor to Birch Benders on the transaction. Weil, Gotshal & Manges is serving as legal advisor to Sovos Brands.
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