Sovos Brands slides as Advent to cut stake

Sovos Brands

08/08/2022 21:33

** Sovos Brands Inc's  SOVO.O  shares fall 8.2% to $14.69
post-market after packaged food co launches secondary offering
    ** Co says certain stockholders to sell 8.5 mln shares
 urn:newsml:reuters.com:*:nGNX47pWpr
    ** Funds managed by private equity firm Advent International
looking to cut stake from 63% to 54.5% (~55 mln shares), per
filing https://www.sec.gov/Archives/edgar/data/1856608/000110465922087213/tm2210766-3_drsa.htm#tPASS
    ** JP Morgan and Goldman Sachs acting as jt lead bookrunners
for offering
    ** SOVO rose 8.8% last Thurs after co reported Q2 results,
raised 2022 sales guidance to $825-$835 mln while keeping adj
EBITDA range of $116-$122 mln with guidance at lower end
 urn:newsml:reuters.com:*:nGNX9NGQbF
    ** Stock on Mon closed up 1% at $16.01. Co went public last
Sept in IPO priced at $12

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))