Butterfly has signed a definitive agreement to buy Bolthouse Farms from Campbell Soup Company for a cash consideration of $510m.

Subject to customary purchase price adjustments, the investment in Bolthouse Farms is reported to be the fourth within Butterfly’s seed-to-fork approach, which focuses on the agriculture, aquaculture, beverage, food service and distribution markets.

Founded in 1915, Bolthouse Farms produces organic plant-based protein milk and fruit-based beverages. The company was acquired by Campbell in August 2012, and operates facilities in Illinois, Ontario and Washington.

Butterfly co-founder Dustin Beck said: “We are proud to support Bolthouse Farms in further bolstering its strong positioning within fresh carrots and chilled premium beverages, and are excited to back a group of seasoned operators as passionate about produce as Jeff and his team to lead what is already a strong organisation.”

“We are proud to support Bolthouse Farms in further bolstering its strong positioning within fresh carrots and chilled premium beverages.”

In addition to beverages, the company is involved in the production of fresh carrots and has a presence in the refrigerated salad dressings segment.

Campbell president and CEO Mark Clouse said: “The sale of Bolthouse Farms supports our strategy to focus on our two core North American businesses, Campbell Snacks and Campbell Meals and Beverages, where we have iconic brands and strong market positions.”

The deal is expected to be completed later this year, subject to regulatory approvals and customary closing conditions.

Given the current climate, how long do you anticipate it will take for the global economy to recover post COVID-19?

View Results

Loading ... Loading ...

Butterfly received legal advice from Kirkland & Ellis for the transaction, while Campbell Soup Company employed Centerview Partners, Goldman Sachs and Weil, Gotshal & Manges.

With the sale of Bolthouse Farms, Campbell has divested its entire Fresh division.

In February this year, Campbell Soup agreed to divest its Garden Fresh Gourmet salsa brand to a Fountain of Health’s US affiliate.