What to Know
- Campbell Soup Co. will sell Bolthouse Farms for $510 million.
- Campbell's originally paid for Bolthouse Farms in 2012 – about $1.55 billion.
- The sale of Bolthouse is expected to close by the end of fiscal 2019.
Campbell Soup Co. will sell Bolthouse Farms for $510 million.
Camden, N.J.-based Campbell Soup Co. since last year has been looking to sell its international and fresh divisions to focus on Snacks and Campbell Meals and Beverages, the company's core North American market.
The company has already sold Garden Fresh Gourmet as well as its refrigerated soup plant in Washington. Its next divestiture is Bolthouse Farms. Campbell has entered into a definitive agreement to sell the company for $510 million to an affiliate of Butterfly Equity, the company announced Friday.
The sale of Bolthouse, expected to close by the end of fiscal 2019, means Campbell has now sold its entire fresh division. The sale puts it below what Campbell originally paid for Bolthouse Farms in 2012 – about $1.55 billion.
The fresh division had net sales of $970 million in fiscal 2018, and proceeds from the sale will go toward reducing debt by about $570 million.
Former Bolthouse Farms CEO Jeff Dunn is an operating partner of Butterfly Equity, focusing primarily on the agriculture and aquaculture and food and beverage product industries. A group of investors led by Dunn was rumored to be in talks to buy Bolthouse.
Breaking news and the stories that matter to your neighborhood.
Read more about the sale here.
Get all your business news with the Philadelphia Business Journal.