LOUISVILLE, COLO. — About six years ago Todd Lachman began recognizing that retail sales of smaller, on-trend brands were growing at the expense of larger brands.
“I felt that there was a distinct opportunity to create a company specifically and purposely built to basically acquire, integrate and grow a portfolio of these brands,” he said. “I put together a phenomenal, growth-oriented, tenacious team with the right capabilities.”
With the backing of private equity investor Advent International, Sovos Brands was founded in 2017. After acquiring the brands Michael Angelo’s, Rao’s, noosa and Birch Benders, the Louisville-based company is taking another big step in its history.
Sovos Brands on Sept. 22 priced its initial public offering of 23,334,000 shares of its common stock at $12 per share. The shares began trading on the Nasdaq Global Select Market on Sept. 23 under the ticker symbol “SOVO.” The IPO is expected to…