Camden-based Campbell Soup Co. on Monday said it is acquiring Sovos Brands Inc., makers of the Rao’s Homemade line of sauces, for $23 per share in cash, representing a total enterprise value of approximately $2.7 billion.

The deal adds a high-growth, market-leading premium portfolio of brands to diversify and enhance Campbell’s Meals & Beverages division, providing a substantial runway for sustained profitable growth.

Rao’s Homemade’s U.S. base in in Montclair.

The acquisition, expected to conclude by December end, is expected to add to earnings per share by the second year of Campbell.

“We’re thrilled to add the most compelling growth story in the food industry and welcome the talented employees who have built a nearly $1 billion portfolio,” Campbell’s CEO and President Mark Clouse said. “This acquisition fits perfectly with and accelerates our strategy of focusing on one geography, two divisions and select key categories that we know well.

“Our focused strategy has enabled us to deliver strong results over the last five years, enhance our brands and capabilities, and generate strong cash flow to lower debt. With all this progress, I am confident in our readiness to execute and integrate this important acquisition. The Sovos Brands portfolio strengthens and diversifies our Meals & Beverages division and paired with our faster-growing and differentiated Snacks division, makes Campbell one of the most dependable, growth-oriented names in food.”

Post transaction, Sovos Brands’ results will be managed within Campbell’s Meals & Beverage division.