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Fairness Opinion Detail

SOVO FOOpen source

Sovos Brands to Campbell Soup

Packaged Foods/Aug 2023/Centerview, Goldman Sachs

Deal Information

Target
Sovos Brands
Acquiror
Campbell Soup
Sector
Packaged Foods
Target Type
Public
Acquiror Type
Strategic
Advisors
Centerview, Goldman Sachs

Transaction Metrics

Enterprise Value
EV / LTM Sales
EV / LTM EBITDA
19.8x
EV / Fwd EBITDA

Advisor Transaction Comparables

Comparable transactions cited by the advisor, excluding the subject transaction.

Advisor: Centerview

EV/LTM EBITDA selected range: 16.0x - 21.0x

16 comps
Jul 2023Kevin's Natural Foods
EV / LTM EBITDA reported as 'n.a.' EBITDA calculated on a post-tax benefit basis.
Mars, Incorporated----
Jun 2023Yasso Holdings, Inc.
EV / LTM EBITDA reported as 'n.a.' EBITDA calculated on a post-tax benefit basis.
Unilever Plc----
Feb 2021Planters snacking portfolio of Kraft Heinz Company
EBITDA calculated on a post-tax benefit basis.
Hormel Foods Corporation--12.5x-
Nov 2020Parent company of Cholula Hot Sauce
EBITDA calculated on a post-tax benefit basis.
McCormick & Company Inc.--23.7x-
Aug 2019Quest Nutrition, LLC
EBITDA calculated on a post-tax benefit basis.
Simply Good Foods Company--17.4x-
Jun 2018Pinnacle Foods Inc.
EBITDA calculated on a post-tax benefit basis.
Conagra Brands, Inc.--15.9x-
Jan 2018Nestlé's US confectionary business
EBITDA calculated on a post-tax benefit basis.
Ferrero Group--16.0x-
Dec 2017Snyder's-Lance, Inc.
EBITDA calculated on a post-tax benefit basis.
Campbell Soup Company--20.9x-
Dec 2017Amplify Snack Brands, Inc.
EBITDA calculated on a post-tax benefit basis.
The Hershey Co.--18.8x-
Jul 2017Reckitt Benckiser's Food Division
EBITDA calculated on a post-tax benefit basis.
McCormick & Company Inc.--19.9x-
Nov 2015Boulder Brands, Inc.
EBITDA calculated on a post-tax benefit basis.
Pinnacle Foods Inc.--14.0x-
Oct 2015Diamond Foods, Inc.
EBITDA calculated on a post-tax benefit basis.
Snyder's-Lance, Inc.--15.7x-
Mar 2015Kraft Foods Group, Inc.
EBITDA calculated on a post-tax benefit basis.
H.J. Heinz Company--16.2x-
Jul 2014The Hillshire Brands Company
EBITDA calculated on a post-tax benefit basis.
Tyson Foods, Inc.--16.7x-
May 2014Conopco Inc.
EBITDA calculated on a post-tax benefit basis.
Mizkan Group--15.8x-
Feb 2013H.J. Heinz Company
EBITDA calculated on a post-tax benefit basis.
H.J. Heinz Holding Corporation (3G Capital; Berkshire Hathaway)--13.7x-
Mean-16.9x-
Median-16.1x-

Advisor: Goldman Sachs

EV/LTM EBITDA selected range: 13.7x - 25.0x

13 comps
Feb 2021PlantersHormel Foods Corporation--15.0x-
Nov 2020Cholula Hot SauceMcCormick & Company Inc.--25.0x-
Aug 2019Quest Nutrition, LLCThe Simply Good Foods Company--20.0x-
Jun 2018Pinnacle Foods Inc.Conagra Brands, Inc.--15.9x-
Dec 2017Snyder's-Lance, Inc.Campbell Soup Company--20.9x-
Dec 2017Amplify Snack Brands, Inc.The Hershey Co.--18.8x-
Jul 2017Frank's RedHotMcCormick & Company Inc.--20.0x-
Nov 2015Boulder Brands, Inc.Pinnacle Foods Inc.--14.7x-
Oct 2015Diamond Foods, Inc.Snyder's-Lance, Inc.--15.8x-
Mar 2015Kraft Foods Group Inc.H.J. Heinz Co.--16.1x-
Jul 2014The Hillshire Brands CompanyTyson Foods, Inc.--16.7x-
May 2014Ragu & Bertolli pasta sauce brand portfolioMizkan Group--15.8x-
Feb 2013H.J. Heinz Co.Berkshire Hathaway and 3G Capital Management--13.7x-
Mean-17.6x-
Median-16.1x-