Campbell Soup Co. has announced that it has completed the acquisition of Bolthouse Farms from a fund managed by Madison Dearborn Partners LLC, a private equity firm, for $1.55 billion in cash. Campbell funded the acquisition through a combination of short- and long-term borrowings.
Headquartered in Bakersfield, Calif., Bolthouse is a vertically integrated food and beverage company focused on developing, manufacturing and marketing proprietary, high value-added natural, healthy products. The company has leading market positions in fresh carrots and super-premium beverages in the U.S., along with a growing presence in refrigerated salad dressings. Bolthouse employs about 2,100 people.
Denise Morrison, Campbell’s president and CEO, said, “We have acquired a terrific business that is a good strategic fit with Campbell’s existing portfolio and growth strategies. Bolthouse Farms has exceptional employees and fantastic products. This gives Campbell one of the leading positions in both the fast-growing packaged fresh food market and in healthy beverages and provides us with an opportunity to expand into adjacent segments that leverage exciting consumer trends.”
Campbell will operate Bolthouse as a separate business unit. Members of Bolthouse Farm’s senior management team will continue to lead the business, with Jeff Dunn, president of Bolthouse Farms, reporting directly to Morrison.