Bolthouse Farms Acquired By Butterfly for $510 Million
LOS ANGELES, CA - Bolthouse Farms is officially under a new company, after months on the market. Private equity firm Butterfly announced today that it has signed a definitive agreement to acquire the formerly Campbell Soup Company-owned fresh food supplier for $510 million in cash. This transaction marks Butterfly’s fourth investment within its “seed to fork” approach.
“We are thrilled to partner with a vertically-integrated produce and fresh food leader with a history as rich as Bolthouse Farms, and we believe the company’s future is very bright especially given the continued rise of plant-based food in the diet of today’s consumer,” said Butterfly Co-Founder Adam Waglay.
Bolthouse Farms—a vertically integrated food and beverage company focused on developing, manufacturing, and marketing proprietary, high value-added natural, healthy products including fresh carrots and refrigerated premium beverages and salad dressings—operates over 65,000 acres of growing land; facilities in California, Illinois, Ontario, and Washington; nationwide fresh distribution capabilities; and a state-of-the-art carrot and beverage processing plant, according to a press release. The company employs approximately 2,200 workers.
“We are proud to support Bolthouse Farms in further bolstering its strong positioning within fresh carrots and chilled premium beverages, and are excited to back a group of seasoned operators as passionate about produce as Jeff and his team to lead what is already a strong organization,” said Dustin Beck, Butterfly’s other Co-Founder.
As part of the transaction, Butterfly’s Operating Partner Jeff Dunn will assume the role of CEO of Bolthouse Farms. He previously served as Bolthouse Farms’ President and CEO from 2008 to 2016.
“Bolthouse Farms holds a special place in the produce industry and my team and I are deeply committed to strengthening and broadening Bolthouse Farms’ unique legacy,” said Dunn. “We can’t wait to get started.”
The closing of the transaction is subject to regulatory approvals and customary closing conditions and is expected to occur in summer 2019.
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