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Sovos Brands Inc., a former California-based grocery brand company, is targeting an IPO for up to $ 100 million and could become Boulder County’s newest publicly traded company.
The company made local headlines in 2018 when it bought Bellvue-based Noosa Yoghurt LLC, and again in 2020 when it acquired Denver waffle mix maker Birch Benders LLC.
Since those acquisitions, the company has relocated its headquarters to Louisville, according to documents filed with the US Securities and Exchange Commission and the Colorado Secretary of State.
Sovos has manufacturing facilities in Austin, Texas and Bellvue.
It is unclear exactly when Sovos relocated its headquarters from California to Louisville, as company officials failed to comment on Friday. However, documents from the U.S. Secretary of State from Colorado show that the company only registered its Centennial Parkway address about two weeks ago.
In addition to Noosa and Birch Benders, Sovos, a private equity-backed company, owns Rao’s Homemade Sauce and Michael Angelo’s frozen Italian dishes.
Founded in 2017, the company is aiming for inclusion on the Nasdaq stock exchange and plans to use the ticker symbol SOVO.
According to the SEC disclosure, the price, time and number of the shares offered have yet to be determined.
JP Morgan and Goldman Sachs are acting as joint lead book running managers for the proposed offering.
“Today, Sovos is exactly what we set out to do – a high-growth, purpose-built food platform and growth accelerator with a portfolio of ‘unique’ brands,” wrote Sovos founder and CEO Todd Lachman in a letter included in the regulatory filing is. “All of our four brands – Rao’s, Michael Angelo’s, Noosa and Birch Benders – are made with authenticity at their core and high-quality ingredients and offer real, delicious and unforgettable culinary experiences. And we still have a long runway with each of these brands that supports our algorithm for sustainable long-term profitable growth. “
Sovos plans to “pursue more acquisitions of disruptive growth brands,” the SEC filing said.
“We develop our brands strategically so that over time they can expand into new categories to increase their growth [total addressable market], and we are relentlessly focused on innovation to drive wider consumer adoption and new uses, ”said Sovos. “We aim to enter attractive new categories where our brands can make an immediate and measurable impact and where we believe consumers will increase their spend.”
The company’s brands had sales of approximately $ 669 million for the 12 months leading up to June. Roa’s is by far the company’s largest brand and accounts for 55% of sales. Noosa ranks second with 24% of sales.
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