Campbell Soup Company (CPB) is looking to build a new recipe for success after a beefy acquisition.

Earlier this year, the 155-year-old company acquired Sovos Brands, which owns Rao's sauce, for $2.7 billion.

Now Rao's, which still sources the sauce from a local Italian family, is on its way to becoming the fourth $1 billion brand within the company's portfolio, joining the likes of Goldfish, Pepperidge Farm, and Campbell's Soup.

The company is learning that premium products can sell across the income spectrum, paving the way for future diversification. "What we've learned about Rao’s is that a lot of the growth is not necessarily exclusively coming from high-income households," CEO Mark Clouse told Yahoo Finance at its investor day this week.

Campbell's is looking for growth as packaged food companies struggle with cautious consumers and a still inflationary environment. Its stock is up roughly 10% this year, lagging S&P 500's (^GSPC) 17% gain and Coca-Cola's (KO) 19% jump, though beating PepsiCo's (PEP) paltry 2% increase.

Rao's currently brings in $0.9 billion in annual net sales, but the company would not disclose when it might cross that billion-dollar threshold.

Even though the brand's canned sauces cost upwards of $8, they're still "a fraction" of the cost of dining out, Clouse pointed out. Rao's is now launching at premium supermarkets with flavors like truffle and balsamic that range from $12 to $14.99.

President of meal and beverages Mick Beekhuizen said the strategy for Rao's and Campbell's other sauce brand, Prego, includes offering multiple price points within the category.

Campbell's success with sauces can open the door for expansion into other areas, such as Mexican sauces or snacks.

"The demographic profile of America is going to continue to evolve," Clouse said. As first-generation immigrants have families, American tastes and palettes will change.

The company is pondering, "How would you create the Rao's for the Hispanic world or the Asian world?" per Clouse. While Campbell's has no acquisition in sight, it's open to opportunities in the future.

The Sovos deal was Clouse's first big move since taking the helm in January 2019. The acquisition comes after former CEO Denise Morrison struggled to find the right fits for additions like Bolthouse Farms and Garden Fresh Gourmet.

In Clouse's first six months, the company divested $3 billion worth of assets, including both aforementioned brands.