LOS ANGELES–(BUSINESS WIRE)–Butterfly, a Los Angeles-based private equity firm specializing in the
food sector, today announced that it has closed on its previously
announced acquisition of Bolthouse Farms from Campbell Soup Company
(NYSE:CPB) for $510 million in cash, subject to customary purchase price
adjustments.
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, 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. As of
today, 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 Company. He
continued leading the business for Campbell Soup Company from 2012 until
his departure from the company in 2016.
“Today we are excited to formally join Bolthouse Farms on its mission of
providing fresh, healthy plant-based products to consumers around the
country,” said Butterfly Co-Founder Adam Waglay.
“Now begins the work of reinforcing Bolthouse Farms’ position as a
leader and innovator in produce and plant-based products,” said Mr.
Dunn. “Today we begin the next chapter in Bolthouse Farms’ long and
successful history.”
About Butterfly:
Butterfly Equity (“Butterfly”) 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. 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. For additional information
about Butterfly, please visit its website at www.butterflyequity.com.
Contacts
For Butterfly:
Anita-Marie Laurie and Terry Fahn
Sitrick
& Company
310-788-2850
[email protected]
[email protected]
