Butterfly, a Los Angeles, CA-based private equity firm specializing in the food sector, is to acquire Bolthouse Farms from Campbell Soup Company (NYSE:CPB) for $510m.
The closing of the deal is subject to regulatory approvals and customary closing conditions and is expected to occur in summer 2019.
Founded in 1915 and based in Bakersfield, CA and Santa Monica, CA, Bolthouse Farms is a vertically integrated food and beverage company focused on developing, manufacturing and marketing proprietary, high value-added natural products. The company has leading market positions in fresh carrots and refrigerated premium beverages in the U.S., along with a growing presence in refrigerated salad dressings.
Bolthouse Farms accesses to over 65,000 acres of premium growing land, nationwide fresh distribution capabilities, and a carrot and beverage processing facility.
It has approximately 2,200 employees and operates facilities in Bakersfield, California; Hodgkins, Illinois; Wheatley, Ontario; and Prosser, Washington.
Going forward, Butterfly Operating Partner Jeff Dunn will assume the role of CEO of Bolthouse Farms, where he previously served as President and CEO from 2008 until 2012, when it was acquired by Campbell Soup Company.
He continued leading the business for Campbell Soup Company from 2012 until his departure from the company in 2016.
Butterfly Equity is a Los Angeles, California based private equity firm specializing in the food sector, spanning the entire food value chain from “seed to fork” via four target verticals: agriculture & aquaculture, food & beverage products, food distribution and foodservice.