Rao's Specialty Foods is exploring a sale, according to people familiar with the matter. The company hired investment bank Morgan Stanley to help with the process. Rao's is competing with large producers' premium pasta sauce offerings as customers shift towards specialty options. Rao's has more than $20 million in 12-month earnings before interest, taxes, and depreciation. The sources requested anonymity as the information is confidential, and both Rao's and Morgan Stanley declined to comment, reports Reuters. Full Story

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