BOSTON — Sovos Brands, a new company formed by Advent International private equity investors, has acquired Michael Angelo’s Gourmet Foods Inc., a producer of premium, authentic frozen Italian entrees. Financial terms of the transaction were not disclosed.
Founded in 1983 and based in Austin, Texas, Michael Angelo’s Gourmet Foods generates approximately $100 million in gross sales. The company offers single-serve and multi-serve frozen meals created with traditional Italian cooking methods and flavors. All products are made in small batches with no fillers or preservatives, Michael Angelo’s said.
“Michael Angelo’s is a highly authentic, great-tasting, frozen Italian entree brand well respected in the industry for its clean label offering,” said Todd Lachman, president and chief executive officer of Sovos Brands. “The company exemplifies the types of businesses we are looking to acquire in the food and beverage space. It is a unique, leading branded player offering delicious food that meets today’s lifestyle and consumer demand for real, clean ingredients. We believe Michael Angelo’s has significant potential for growth through increased awareness, distribution and new product development, and we look forward to working with Michael Angelo and the management team to pursue these opportunities.”
Michael Angelo’s is the first investment by Sovos Brands, a food and beverage company founded to acquire and build brands to establish a scale player in the C.P.G. industry, the company said. Sovos Brands plans to focus on high-quality brands in on-trend categories with the potential to accelerate growth by investing in distribution, marketing, production and product innovation.“The acquisition of Michael Angelo’s is an important first step in our plan to build a food and beverage company of significant scale,” said David Roberts, a principal at Advent International. “Advent and the team at Sovos Brands will focus on supporting Michael Angelo’s expansion while pursuing acquisitions of other high-potential businesses from founders, financial sponsors and large C.P.G. companies.”