Mergers & TribulationsTransaction Database
ContactSubscribe
Back

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-

DCF Assumptions

Discount rate and terminal value assumptions the advisor selected for its discounted cash flow analysis.

Centerview

Open
WACC
9.0% – 9.75%
Terminal method
Perpetuity growth
Terminal assumption
4.0% – 4.5%
Forecast basis
the Forecasts (Management Forecasts, as approved by the Company Board for use by Centervi… more

the Forecasts (Management Forecasts, as approved by the Company Board for use by Centerview at the direction of Company management)

Forecast period
July 1, 2023 through December 31, 2027

Goldman Sachs

Open
WACC
7.25% – 8.25%
Terminal method
Perpetuity growth
Terminal assumption
2.0% – 2.5%
Forecast basis
the Forecasts
Forecast period
third and fourth quarters of fiscal year 2023 and fiscal years 2024 through 2027
Compare across opinions →