Butterfly Completes Acquisition of Bolthouse Farms from Campbell Soup Company for $510 Million
LOS ANGELES, CA - The sale of Bolthouse Farms from Campbell Soup Company is officially closed. In April of this year, the company made an announcement that it was under a new company: Butterfly, a Los Angeles-based firm specializing in the food sector. That sale cost $510 million.
“Today we are excited to formally join Bolthouse Farms on its mission of providing fresh, healthy plant-based products to consumers around the country,” stated Butterfly Co-Founder Adam Waglay.
Jeff Dunn, one of Butterfly’s Operating Partners, previously served as President and CEO from 2008 and 2012, when it was acquired by Campbell Soup Company. He continued to lead the business for Campbell Soup Company 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,” said Jeff Dunn, CEO of Bolthouse Farms. “Today we begin the next chapter in Bolthouse Farms’ long and successful history.”
According to a press release, 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. With this acquisition, Butterfly will have access to over 65,000 acres of 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.
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