Sovos Brands, Inc. Announces Closing of Over-Allotment Option in its First … | Business

LOUISVILLE, Colorado, October 05, 2021 (GLOBE NEWSWIRE) – Sovos Brands, Inc. (“Sovos Brands”) (Nasdaq: SOVO) today announced that the underwriters of its previously announced initial public offering have exercised their option by entire purchase of 3,500,100 additional shares of its common shares at a public offering price of $ 12.00 per share, resulting in additional gross proceeds of approximately $ 42.0 million before rebates and subscription commissions and the estimated offering costs, bringing the total gross proceeds of the initial public offering to approximately $ 322.0 million. The exercise of the over-allotment option was closed on October 5, 2021.

JP Morgan and Goldman Sachs acted as co-book managers for the Offer and as representatives of the Underwriters. BofA Securities, Credit Suisse, Barclays, UBS Investment Bank, Cowen, Piper Sandler, Stifel and William Blair also acted as book managers and Telsey Advisory Group, Drexel Hamilton and Loop Capital Markets acted as co-managers of the offer.

The offer was made only by means of a prospectus. Copies of the final prospectus may be obtained from the Securities and Exchange Commission (the “SEC”) at or from: JP Morgan Securities LLC, c / o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by phone at 866-803-9204 or by email at prospectus-eq—[email protected]; or Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, NY 10282, by phone at (866) 471-2526 or by email at [email protected].

A registration statement on Form S-1 relating to the securities sold under the initial public offering was declared effective by the SEC on September 22, 2021. This press release does not constitute an offer to sell or the solicitation of ” an offer to buy such securities, and there will be no sale of such securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the laws of the securities of such a state or jurisdiction.

About Sovos Brands, Inc. Sovos Brands, headquartered in Louisville, Colorado, is the fastest growing food company in the United States. As a high growth food platform and growth accelerator with a ‘one-of-a-kind’ brand portfolio, the four brands – Rao’s, Michael Angelo’s, noosa and Birch Benders – are built with authenticity and high – quality ingredients at the base. Its portfolio includes Rao’s, a premium line of pasta sauces, pizza sauces, dry pasta, frozen main courses and soups; noosa, a premium yogurt made with whole milk and wildflower honey; Birch Benders, a line of healthier pancake and waffle mixes; and Michael Angelo’s, a range of premium frozen Italian entrees. In Latin, sovos translates to ‘one of a kind’ and Sovos Brands leads with a unique approach to its brands, business and people, delivering authentic, delicious and unforgettable dining experiences.

SOVOS ™, SOVOS BRANDS ™, RAO’S®, RAO’S HOMEMADE®, NOOSA®, BIRCH BENDERS® and MICHAEL ANGELO’S® are trademarks of Sovos Brands and its subsidiaries.

Forward-looking statements

This press release contains forward-looking statements, including, but not limited to, statements regarding the conditions of our industry and our operations, our performance and our financial condition, including in particular, statements relating to our business, our growth strategies, product development efforts and future spending. All statements about Sovos Brands other than statements of historical fact or relating to present facts or current conditions included in this press release are forward-looking statements. Forward-looking statements may be identified by words such as “anticipates”, “intends”, “plans”, “seeks”, “believes”, “believes”, “expects” and similar references to future periods, or by the inclusion of forecasts or projections. Examples of forward-looking statements include, but are not limited to, statements we make regarding the prospects of our future business and financial performance.

The forward-looking statements contained in this press release are based on our current expectations and assumptions about our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Accordingly, our actual results may differ materially from those contemplated by forward-looking statements. Important factors that could cause actual results to differ materially from forward-looking statements are: competition in the packaged food industry and our product categories; the COVID-19 pandemic and its associated effects; our inability to identify, complete or integrate new acquisitions or realize the anticipated benefits of acquisitions; our inability to effectively manage our growth; our inability to successfully introduce new products or the failure of recently launched products to meet expectations or stay on the shelf; our inability to expand household penetration and successfully market our products; the erosion of the reputation of one or more of our brands; issues with the large retailers, wholesalers, distributors and big box stores that we rely on, including if they give higher priority to other brands or products, malfunction, or file for bankruptcy; our vulnerability to decreases in supply and to increases in the prices of raw materials and labor, manufacturing, distribution and other costs, and our inability to offset increased costs with cost or pricing savings initiatives; our vulnerability to the impact of extreme weather conditions, natural disasters and other natural events on our manufacturing facilities, packers or raw material supplies; failure by us or any co-packers or third party raw material suppliers to comply with food safety, environmental or other laws or regulations, or new laws or regulations; our reliance on third party distributors and third party co-packers, including a co-packer for the vast majority of our Rao’s Homemade sauce products; lack of protection or litigation involving our trade names or trademarks and other rights; our level of indebtedness and our obligation to comply with the covenants of each of our credit facilities; and the interests of our majority shareholder may differ from those of public shareholders. Other factors or events that could cause our actual performance to differ from these forward-looking statements may occur from time to time, and we cannot predict all of them. These factors include, but are not limited to, those described under “Risk Factors” in Sovos Brands’ registration statement relating to the offering. If one or more of these risks or uncertainties materialize, or if any of our assumptions prove to be incorrect, our actual financial position, results of operations, future performance and business may differ significantly from projected performance. in these forward-looking statements.

Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. Sovos Brands makes no commitment to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. The Underwriters and their affiliates (collectively, the “Underwriters”) have made no inquiry into the information contained in this press release, and the Underwriters and the Sovos Trademarks expressly disclaim all liability for any statements, express or implied, contained in, or for omissions in this press release or any other written or oral communication made to any interested party as part of its assessment of Sovos Brands. Only the specific representations and warranties which may be made by Sovos Brands in a definitive written agreement, when and if any is performed, and subject to any limitations and restrictions which may be specified in such agreement, shall have legal effect. Certain information in this press release has been obtained from sources outside of Sovos Brands. Although this information is believed to be reliable for the purposes used in this document, neither Sovos Brands nor any of its affiliates, directors, officers, members, employees, agents or advisers assumes responsibility for the accuracy of this information.

RI contact: Christina Cheng, CFA [email protected]

Media contact: ICR, Inc. [email protected]

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