Sector News

Campbell closes on Bolthouse Farms sale

June 18, 2019
Food & Drink

Campbell Soup Co. has completed the sale of its Bolthouse Farms business to Los Angeles-based private equity firm Butterfly for $510 million. Campbell Soup acquired Bolthouse from a fund managed by Madison Dearborn Partners for $1.55 billion in 2012.

The sale is part of a larger effort by Mark A. Clouse, chief executive officer at Campbell Soup Co., to stabilize and reposition the company. It follows the recently completed sales of Garden Fresh Gourmet and Campbell’s refrigerated soup business, and marks the company’s complete divestment in its Campbell Fresh division. Net proceeds from the divestitures will be used pay down debt, the company said.

Bolthouse Farms is a vertically integrated company producing organic beverages, dressing and carrots. It is Butterfly’s fourth and most recent investment within its “seed to fork” approach to investing in food across agriculture, aquaculture, food and beverage products, food distribution and food service.

Butterfly operating partner Jeff Dunn will assume the role of c.e.o. at Bolthouse Farms, where he was president and c.e.o. before its acquisition by Campbell Soup Co. in 2012. He led the business for Campbell Soup from 2012 until his departure from the company in 2016.

“Now begins the work of reinforcing Bolthouse Farms’ position as a leader and innovator in produce and plant-based products,” Mr. Dunn said. “Today we begin the next chapter in Bolthouse Farms’ long and successful history.”

By Sam Danley

Source: Food Business News

comments closed

Related News

September 25, 2022

Coca-Cola names new president of global ventures

Food & Drink

The Coca-Cola Co. has promoted Evguenia (Jeny) Stoichkova to president of global ventures, effective Jan. 1, 2023. Ms. Stoichkova joined Coca-Cola Bulgaria in 2004 and was most recently the president of the company’s Eurasia & Middle East division, a role she has held since 2021.

September 25, 2022

Perfect Day allies with Onego Bio to speed-up launch of animal-free eggs

Food & Drink

US-based Perfect Day, is partnering with Onego Bio, which specializes in creating animal-free eggs, aiming to accelerate the timeline to bring the eggs to the market. The business, with the use of its technology, plans to commercialize animal-free ovalbumin, the most abundant egg white protein extracted through precision fermentation.

September 25, 2022

EU fails on food waste: Report reveals bloc discards more than it imports

Food & Drink

Food waste costs the EU €143 billion per year (US$141.7 billion), with a report by Feedback EU raising the alarm of how it’s vital to reduce waste from farm to fork 50% by 2030 and the only way this will be achieved is by enforcing a mandatory directive forcing the food industry to do better and retailers to pay a tax of food waste.