CAMDEN, N.J. — Campbell Soup Co. has completed the sale of its Bolthouse Farms business to Los Angeles-based private equity firm Butterfly for $510 million. Campbell Soup acquired Bolthouse from a fund managed by Madison Dearborn Partners for $1.55 billion in 2012.
The sale is part of a larger effort by Mark A. Clouse, chief executive officer at Campbell Soup Co., to stabilize and reposition the company. It follows the recently completed sales of Garden Fresh Gourmet and Campbell’s refrigerated soup business, and marks the company’s complete divestment in its Campbell Fresh division. Net proceeds from the divestitures will be used pay down debt, the company said.
Bolthouse Farms is a vertically integrated company producing organic beverages, dressing and carrots. It is Butterfly’s fourth and most recent investment within its “seed to fork” approach to investing in food across agriculture, aquaculture, food and beverage products, food distribution and food service.
Butterfly operating partner Jeff Dunn will assume the role of c.e.o. at Bolthouse Farms, where he was president and c.e.o. before its acquisition by Campbell Soup Co. in 2012. He led the business for Campbell Soup from 2012 until his departure from the company in 2016.
“Now begins the work of reinforcing Bolthouse Farms’ position as a leader and innovator in produce and plant-based products,” Mr. Dunn said. “Today we begin the next chapter in Bolthouse Farms' long and successful history.”