Campbell Soup Co. to Acquire Bolthouse Farms
Campbell Soup Co. is set to acquire Bolthouse Farms for $1.55 billion in short- and long-term borrowings by Campbell. The company expects to finalize the acquisition by late summer. Campbell said in a press release that it remains on track to deliver results consistent with fiscal 2012 sales growth, up to 2 percent.
Bolthouse markets dressings, beverages and the popular Green Giant brand, among other ventures. Campbell expects Bolthouse’s super-premium refrigerated beverages to complement Campbell’s successful V8 beverage business to create one of the industry’s largest healthy beverage platforms, with approximately $1.2 billion in annual sales.
Denise Morrison, Campbell’s president and CEO, said, “Bolthouse is a great strategic fit with Campbell. Its business platforms, capabilities and culture are well aligned with the core growth strategies we announced last year. Its strong position in the high-growth packaged fresh category complements our chilled soup business in North America, and offers exciting opportunities for expansion into adjacent packaged fresh segments that respond directly to powerful consumer trends.”
Campell plans to operate Bolthouse as a separate unit, allowing all members of Bolthouse’s senior management team—including President and CEO Jeff Dunn—to remain with the company. Dunn will report directly to Morrison.
Dunn said, “We are delighted to be joining Campbell and its family of beloved brands. Campbell’s 140-plus year history of providing high-quality foods and beverages to consumers complements Bolthouse’s history of growth and innovation in fresh and packaged fresh foods.”