The Campbell’s Company announced Tuesday that it plans to acquire a minority stake in the maker of its Rao’s brand of sauces in a deal worth $286 million.
Campbell’s said that the transaction would see it take a 49% interest in La Regina, a privately held Italian company founded in 1972 that began producing Rao’s sauces in 1993. La Regina also operates a facility in Southeast Georgia.
Campbell’s officials said that the move would bolster the companies’ partnership while “accelerating innovation and new product development.” The deal is expected to be completed in the second half of Campbell’s current fiscal year.
The maker of Campbell’s soups, Pepperidge Farm baked goods and Snyder’s pretzels added the Rao’s label through its acquisition of Sovos Brands in 2023.
Campbell’s announced the agreement with La Regina in its earnings statement for its fiscal first quarter. The company reported $2.68 billion in sales for the three months ended Nov. 2, a 3% decline compared to the same quarter last year.
