Bolthouse Farms Completes Acquisition of Evolution Fresh; Jeff Dunn and Bill Levisay Comment
SEATTLE, WA - Back in May, word hit the newswire that Bolthouse Farms was in the process of acquiring Evolution Fresh from Starbucks, with plans to unite the two formidable brands and accelerate its leadership in the premium juice and refrigerated beverage categories. Now, the company has announced it has officially closed its acquisition, which includes the brand, business, and employees backing Evolution Fresh.
“Bolthouse has been on a rapid growth trajectory in the last few years, and this acquisition is an important step on the company’s growth journey, with more expected to come,” said Jeff Dunn, Chief Executive Officer of Bolthouse Farms. “This acquisition expands our portfolio in a way that meets the health and nutrition needs of more consumers than ever before."
Bolthouse Farms is a portfolio company of Butterfly, a private equity firm that specializes in the food sector. Through Bolthouse Farms, Evolution Fresh will also join Butterfly’s brand portfolio, a press release stated.
With this transaction, Bolthouse Farms plans to bolster its beverage offerings, elevating its portfolio from nutrient-dense, plant-powered juices and smoothies to include the full lineup of Evolution Fresh’s primarily organic, cold-pressed, premium juices. Following the acquisition, Starbucks stores in the United States will continue to sell Evolution Fresh products.
“We are thrilled to welcome our colleagues from Evolution Fresh to the Bolthouse Farms family and look forward to working with them to drive the juice and refrigerated beverage categories forward,” said Bill Levisay, President, Consumer Brands, Bolthouse Farms. “As a combined company, we will share our resources, vertically integrated supply chain, deep knowledge of fresh produce, and passion for ingenuity and innovation. Evolution Fresh produces deliciously fresh, cold-pressed juices that consumers are looking for. Our job now is to support their expertise and bring additional resources to the table to expand the brand’s reach.”
The transaction was first announced on May 24, and the terms were not disclosed.
Ambitious strategies and acquisitions such as this one are always popping up in the fresh produce industry, so stay tuned for updates.