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 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.”