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News 18.04.2019

Butterfly reaches agreement to acquire Bolthouse Farms from Campbell Soup Company for $510 million

Butterfly, a Los Angeles-based private equity firm specializing in the food sector, announced that it has signed a definitive agreement to acquire Bolthouse Farms from Campbell Soup Company…

Butterfly reaches agreement to acquire Bolthouse Farms from Campbell Soup Company for $510 million
(Photo: Bolthouse)

Butterfly, a Los Angeles-based private equity firm specializing in the food sector, announced that it has signed a definitive agreement to acquire Bolthouse Farms from Campbell Soup Company 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 fourth investment within its “seed to fork” approach to investing in food across agriculture, aquaculture, food and beverage products, food distribution and foodservice.

The closing of the transaction is subject to regulatory approvals and customary closing conditions and is expected to occur in summer 2019.

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.

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