Perricone Farms, a premium craft juice company with deep roots in California’s citrus industry, announced its acquisition of Natalie’s Orchid Island Juice Company, an award-winning juice company based in Fort Pierce, Florida. The merger unites two of the highest quality and most trusted names in the juice industry, strengthens both brands, and enhances the ability to serve customers with excellence in quality and customer service in the US.
The combined company will be able to take advantage of bi-coastal production facilities, improve its delivery capabilities, expand product offerings, and leverage its additional scale to ensure juices reach customers with the same uncompromising quality they have come to know and love.
“We are excited to add Natalie’s to the Perricone Farms family. Natalie’s commitment to producing the highest quality products, combined with unmatched customer service, aligns with the core values we have been providing in the marketplace for years. Working together, we will be stronger and will be able to provide greater value to our customers,” said Bob Rovzar, CEO of Perricone Farms. “This exciting merger offers new opportunities for growth and expansion, including entrance into new markets, developing innovative products, and strengthening relationships with customers, suppliers, vendors, and partners. Together, Perricone Farms and Natalie’s are now better equipped to ensure the continued success and growth of both brands.”
Over the decades, Perricone Farms and Natalie’s Juices have become industry experts at procuring and producing the highest quality juices. By unifying these two entities, we strengthen our undisputed reputation for being the best premium juice provider in the food service and retail channel.
“The impressive growth that has driven the success behind the Natalie’s brand for the past 35 years has been built on the brand loyalty and relationships we have established with our customers and consumers. We are forever grateful for the opportunity to serve them with the nation’s best-tasting juice—not because it was our job, but because we loved doing it,” said Natalie’s CEO, Marygrace Sexton, who founded the award-winning juice company, named after her daughter, over 35 years ago. “We are excited for the future and the opportunities this partnership will provide our cherished Natalie’s family. Natalie’s has been built to last and will be providing you with authentic juices on a world-wide scale for generations to come.”
With the foundations for both companies built on a shared vision and values that have existed for generations, the combined company will remain devoted to a legacy that has been rooted in tradition and a commitment to exceeding expectations in quality and customer service.
Butterfly announced the separation of its portfolio company Bolthouse Farms into two standalone entities: Bolthouse Fresh Foods and Generous Brands. Bolthouse Fresh Foods will carry on the century-old legacy of Bolthouse Farms as a leading supplier of fresh carrots to retailers across North America, with nearly 700 million pounds of carrots sold annually. Generous Brands will encompass the market-leading premium fresh beverage and salad dressing businesses of Bolthouse Farms and Evolution Fresh.
Butterfly acquired Bolthouse Farms from Campbell Soup Company in a carveout transaction in 2019. Butterfly has implemented numerous strategic initiatives that have driven topline growth in excess of 30 % while re-establishing the company as a partner of choice to produce departments across North America. Bolthouse Farms also acquired Evolution Fresh from Starbucks in August 2022, uniting two powerhouse beverage brands with complementary product offerings, channel penetration and consumer bases.
This separation is being facilitated by way of separate debt recapitalisations of each business, enabling Bolthouse Fresh Foods and Generous Brands to continue onward as two separate companies with purpose-built strategies and leadership teams. Butterfly expects these transactions to enable accelerated growth via increased flexibility for investment in capabilities as well as acquisitions.
“We’re incredibly excited to announce the separation of Bolthouse Farms into two distinct industry-leading platforms, which will further propel the growth of these businesses and their ability to outperform for customers throughout the world,” said Adam Waglay, Co-Founder and Co-CEO of Butterfly. “This separation was always part of our investment thesis, and we have recruited best-in-class leadership teams which are strategically aligned to each business so that Bolthouse Fresh Foods can focus on delivering high quality, fresh produce with excellent service and Generous Brands can become a strong, consumer-centric business with superior fresh beverage brands.”
Butterfly Operating Partner Jeff Dunn has been promoted from CEO to Executive Chairman of both companies, while two veteran food industry executives were brought in to serve as the respective go-forward CEOs of the companies. Timothy Escamilla, former President of Dole Fresh Vegetables, has been appointed CEO of Bolthouse Fresh Foods, while Steve Cornell, former President of Fresh, Beverages and Desserts at The Kraft Heinz Company, has been appointed CEO of Generous Brands.
“Bolthouse Fresh Foods remains dedicated to nourishing people’s lives by providing high-quality, nutrient-dense products that continue to thrive in today’s dynamic marketplace,” said Timothy Escamilla, CEO of Bolthouse Fresh Foods. Timothy joined Bolthouse Fresh Foods as CEO in May 2023 with 30 years of experience in the produce industry across leading companies such as Dole, Tanimura & Antle, Ready Pac Foods and more.
“Generous Brands is an exciting consumer-centric platform, with iconic and fresh beverage brands,” said Steve Cornell, CEO of Generous Brands. “This transaction will enable Generous Brands to meet the needs of more consumers through more innovation, new investments in our business, and acquiring complementary brands to take our platform to its full potential.” Steve joined Generous Brands as CEO in January 2024, bringing with him over 15 years of experience at Kraft Heinz, having led globally recognised brands such as Heinz, Philadelphia and Capri-Sun, among others.
“This separation is proof that the future of value creation within private equity is grounded in deep operational expertise and transformation through specialisation, and we could not be more appreciative of the amount of work, creativity and collaboration that went into this from all teams,” said Jeff Dunn, Executive Chairman of Bolthouse Fresh Foods and Generous Brands and Operating Partner of Butterfly. “It’s been amazing to watch the two entities develop their own unique cultures during the transition, and we are proud of the robust teams we have built across the companies. By separating, each business is now unleashed to drive its own unique growth strategy to ultimately deliver more fresh, healthy food for more people.”
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.
