Camden-based Campbell Soup Co. announced Friday it has agreed to sell Bolthouse Farms, a producer of organic beverages, dressings and carrots, for $510 million.
Bolthouse, Campbell said, was sold to an affiliate of Butterfly Equity, a Los Angeles-based private equity firm specializing in the food sector.
Once the deal has closed, Campbell will have divested its entire Campbell Fresh division, which included the sale of Garden Fresh Gourmet and its Everett, Washington-based refrigerated soup plant, it said.
Campbell said proceeds from the divestiture will allow it to reduce debt by approximately $570 million.
“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,” Mark Clouse, CEO and president, Campbell, said.
Bolthouse Farms is based in Bakersfield and Santa Monica, California, and operates facilities in Illinois, Washington and Ontario, Canada. The company current employs about 2,200.
Centerview Partners, Goldman Sachs and Weil, Gotshal & Manges LLP acted as the advisors for Campbell.
The deal is expected to close by the end of fiscal 2019.
