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Campbell sells Bolthouse Farms for $510 million

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Christian Fernsby |
Campbell Soup Company
Acquisition   Campbell Soup Company

Campbell Soup Company announced that it has signed a definitive agreement for the sale of Bolthouse Farms to an affiliate of Butterfly Equity, a Los Angeles-based private equity firm specializing in the food sector, for $510 million, subject to customary purchase price adjustments.

Upon the completion of the sale of Bolthouse Farms, which is expected by the end of fiscal 2019, Campbell will have divested its entire Campbell Fresh division.

Campbell recently announced the sale of Garden Fresh Gourmet and the company’s Everett, Washington, refrigerated soup plant.

In fiscal year 2018, Campbell Fresh recorded net sales of $970 million.

Proceeds from the divestiture of the Campbell Fresh businesses will allow the company to reduce debt by approximately $570 million.

The transactions are not expected to impact the company’s fiscal 2019 guidance.

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