Campbell Soup Co., headquartered in Camden, New Jersey, has closed the sale of Bolthouse Farms to an affiliate of Butterfly Equity, a Los Angeles-based private equity firm, for a purchase price of $510 million, subject to customary adjustments.
The sale of Bolthouse Farms marks the completion of the divestiture of the Campbell Fresh division. The company previously announced the sales of Garden Fresh Gourmet and the company’s refrigerated soup business. Net proceeds from the divestitures will be used to pay down debt.
Campbell will continue to report the Campbell Fresh segment as discontinued operations when it announces fourth-quarter and full-year fiscal 2019 earnings on Aug. 29.
Founded in 1869, Campbell’s corporate responsibility and sustainability mission is to lead the industry in crafting food that is ethically and sustainably grown, sourced, produced and shared. The company makes a range of soups and simple meals, beverages, snacks and packaged fresh foods.
Founded in 1998 and acquired by Campbell in 2015, Garden Fresh Gourmet made and distributed hummus, dips and tortilla chips both under the Garden Fresh Gourmet brand and private label products.
Butterfly Equity is a private equity firm specializing in the food sector, spanning the entire food value chain from “seed to fork” via four target verticals: agriculture and aquaculture, food and beverage products, food distribution and foodservice. Butterfly aims to generate attractive investment returns through deep industry specialization, a unique approach to sourcing transactions, and leveraging an operations-focused and technology-driven approach to value creation.
In 1915, The Bolthouse family began farming carrots in Grant, Michigan. By 1950, Bolthouse Farms was a leading carrot supplier in the Midwest. More than 100 years later, the company expanded to California’s Central Valley.