LOS ANGELES — Butterfly Fairness, a non-public fairness company targeted at the meals sector, has agreed to procure Bolthouse Farms from Campbell Soup Co. for $510 million in money.
Based totally in Bakersfield, Calif., and Santa Monica, Calif., Bolthouse Farms manufactures and markets contemporary carrots, refrigerated top class drinks and refrigerated salad dressings. The corporate employs roughly 2,200 folks and has amenities in Bakersfield; Hodgkins, Sick.; Wheatley, Ont.; and Prosser, Wash.
Butterfly running spouse Jeff Dunn up to now led the Bolthouse Farms industry as president and leader government officer from 2008 to 2012, when it used to be bought via the Campbell Soup Co. He endured to steer Bolthouse Farms for Campbell Soup Co. as president of the Campbell Recent department till his departure from the corporate in 2016. Mr. Dunn will once more think the function of c.e.o. of Bolthouse Farms following the shut of the transaction, which is predicted to happen this summer time.
“Bolthouse Farms holds a unique position within the produce trade, and my group and I are deeply dedicated to strengthening and broadening Bolthouse Farms’ distinctive legacy,” Mr. Dunn mentioned. “We will’t wait to get began.”
Upon of completion of the sale, Campbell Soup Co. could have divested its whole Campbell Recent department as a part of up to now introduced plans to streamline operations. The Camden, N.J.-based corporate up to now introduced the gross sales of Lawn Recent Gourmand and a refrigerated soup plant in Everett, Wash. The Campbell Recent industry unit had internet gross sales of $970 million in 2018. Proceeds from the divestitures will likely be used to scale back debt via roughly $570 million, consistent with the corporate.
“The sale of Bolthouse Farms helps our technique to concentrate on our two core North American companies, Campbell Snacks and Campbell Foods and Drinks, the place we’ve got iconic manufacturers and robust marketplace positions,” mentioned Mark Clouse, president and c.e.o. of Campbell Soup.
As defined in a board-led technique and portfolio assessment this previous August, Campbell mentioned it could divest each its Campbell Recent and Campbell World companies. The method to divest Campbell World is ongoing, consistent with the corporate. Imaginable suitors for the corporate’s Arnott’s cookie and cracker manufacturers come with Mondelez World, Inc., Ferrero Team, Kraft Heinz Co. and a pair consortiums subsidized via non-public fairness corporations, consistent with reviews.
Butterfly Fairness focuses on “seed to fork” investments throughout agriculture, aquaculture, meals and beverage merchandise, meals distribution and meals carrier. Bolthouse Farms marks the company’s fourth funding.