Sovos shareholders launch secondary public offering

LOUISVILLE — Stockholders of Sovos Brands Inc. (Nasdaq: SOVO), a food-brand company that owns Noosa Yoghurt, Birch Benders waffle mix, Rao’s Homemade Sauce and Michael Angelo’s frozen Italian meals, are planning to sell 8.5 million shares of common stock.

The secondary public offering’s underwriters have the option to sell 1,275,000 additional shares, according to a U.S. Securities and Exchange Commission filing. 

“The selling stockholders will receive all of the proceeds from the sale of our common stock in this offering,” the company said in its disclosure. “We will not receive any proceeds from the sale of shares of common stock by the selling stockholders.”

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Sovos, the SEC filing said, has “agreed to pay certain expenses related to this offering, which we estimate to be approximately $1.8 million.”

J.P. Morgan and Goldman Sachs are acting as joint lead book-running managers for the proposed offering. 

Sovos, which moved its headquarters to Boulder County from California last year, began publicly trading in September 2021 after an initial public offering that valued the company as a unicorn, or worth at least $1 billion.

Sovos’ stock finished trading Tuesday at $15.28, down 4.56% on the day.