Advent International, a global private equity investor, has announced that Sovos Brands, a new company formed by Advent, has completed the acquisition of Michael Angelo’s Gourmet Foods, a producer of premium frozen Italian entrées. Financial terms were not disclosed.
Michael Angelo’s is the first investment by Sovos Brands, a new type of food and beverage company that seeks to acquire and build one-of-a-kind brands to establish a scale player in the consumer packaged goods (CPG) industry. Headquartered in the San Francisco Bay area, Sovos Brands will focus on high-quality brands in on-trend categories with the potential to accelerate growth by investing in distribution, marketing, production, and product innovation. Spearheading the acquisition and value creation initiatives at Sovos Brands will be a team headed by Todd Lachman, president and CEO, Larry Bodner, CFO, and Bill Johnson, chairman.
Michael Angelo’s Gourmet Foods is a family-owned and operated business that makes authentic Italian prepared meals. Founded in 1983 and headquartered in Austin, Texas, Michael Angelo’s has grown organically from a small, regional business to a national prepared meal brand, generating approximately $100 million in gross sales. The company’s meals are available at grocery stores, natural food stores, and warehouse club stores throughout the United States.
“Michael Angelo’s is a highly authentic, great-tasting, frozen Italian entrée brand well respected in the industry for its clean label offering,” said Todd Lachman, president and CEO of Sovos Brands. “The company exemplifies the types of businesses we are looking to acquire in the food and beverage space … 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.”