Friday, May 29, 2020

Campbell Soup offloads Bolthouse Farms in $510m deal

The Campbell Soup Company has sold Bolthouse Farms to Butterfly, an LA private equity firm specialising in the food sector, for $510 million.

Bolthouse Farms is a vertically integrated food and beverage company focused on developing, manufacturing and marketing proprietary, high value-added natural products.

The company has leading market positions in fresh carrots and refrigerated premium beverages in the US, along with a growing presence in refrigerated salad dressings.

It has approximately 2,200 employees and operates facilities in Bakersfield, California; Hodgkins, Illinois; Wheatley, Ontario; and Prosser, Washington.

Going forward, Butterfly Operating Partner Jeff Dunn will assume the role of CEO of Bolthouse Farms, where he previously served as President and CEO from 2008 until 2012, when it was acquired by Campbell Soup Company.

He continued leading the business for Campbell Soup Company from 2012 until his departure from the company in 2016.

The closing of the deal is subject to regulatory approvals and customary closing conditions and is expected to occur in summer 2019.

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