Sale of Bolthouse Farms finalized for $510 million
Butterfly, a Los Angeles-based private equity firm specializing in the food sector, said has closed on its previously announced acquisition of Bolthouse Farms from Campbell Soup Company for $510 million in cash, subject to customary purchase price adjustments.
Founded in 1915 and based in Bakersfield, California and Santa Monica, California, Bolthouse Farms 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 refrigerated premium beverages in the U.S., along with a strong and growing presence in refrigerated salad dressings. Bolthouse Farms benefits from access to over 65,000 acres of premium growing land, nationwide fresh distribution capabilities, and a state-of-the-art carrot and beverage processing facility. The company has approximately 2,200 employees and operates facilities in Bakersfield, California, Hodgkins, Illinois, Wheatley, Ontario and Prosser, Washington.
Bolthouse Farms is Butterfly’s most recent investment within its “seed to fork” approach to investing in food across agriculture, aquaculture, food and beverage products, food distribution and foodservice. Butterfly Operating Partner Jeff Dunn assumes 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. He continued leading the business for Campbell Soup from 2012 until his departure from the company in 2016.
Butterfly Equity is a Los Angeles-based 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.