Should the deal be consummated, it would mark the end to a strategy heralded by former CEO Denise Morrison. Campbell Soup announced last year that it was in talks to see the fresh food portion of the business. Disney announces 4,000 more layoffs due to pandemic. The soup company is in advanced talks to sell Bolthouse Farms to an investor group led by former CEO, Jeffrey Dunn, for roughly $500 million, the person said. A spokesperson for Campbell said the company does not comment on rumor or speculation. CPB, We want to hear from you. The Bolthouse Foundation is a religious charity funding evangelical causes. All quotes are in local exchange time. Sign up for free newsletters and get more CNBC delivered to your inbox. Subscriber Agreement & Terms of Use, Campbell Soup bought Bolthouse Farms in 2012 for $1.55 billion. Campbell paid $1.55 billion for Bolthouse Farms in 2012. Mr. and Mrs. William J. Bolthouse sold their interest in Wm. At the time of the Bolthouse's sale in mid-2012, the company employed 2,100 employees. Los Angeles-based private equity firm Butterfly signed a definitive agreement today to acquire Bolthouse Farms from Campbell Soup Company for $510 million in cash -- … The deal is pending board approval, which could come as soon as this week, the person said. The company more than tripled its debt load to help finance its $6.1 billion acquisition of snack business Snyder's-Lance earlier this year. An ill-timed California drought further exacerbated Campbell's challenges with Bolthouse. That’s why we’re committed to creating healthier products that help people trade up from the alternative. has sold its healthy food brand Bolthouse Farms to Butterfly, a Los Angeles-based private-equity firm, for $510 million in cash. Data is a real-time snapshot *Data is delayed at least 15 minutes. The person requested anonymity because the information is confidential. Campbell Soup Co. Campbell Soup stock is up 20.6% for the year to date, outpacing the S&P 500 index He led the brand while at Campbell, until leaving in 2016. 'No, I never considered it was risky, and no, of course, I’m not getting paid. Campbell is selling its fresh food business, along with its international snack brands, to help pay down debt. Butterfly Operating Partner Jeff Dunn will become chief executive of Bolthouse Farms. Bolthouse Farms sold by Campbell Soup Company for $510 million Butterfly, a Los Angeles-based private equity firm specializing in the food sector, announced April 12 that it has signed a definitive agreement to acquire Bolthouse Farms from Campbell Soup Company (NYSE:CPB) for $510 million in cash, subject to customary purchase price adjustments. It is difficult as a public company to manage a fresh food business, which is subject to the whims of the weather, contrary to the predictability public investors demand. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Campbell earlier this year sold its Garden Fresh Gourmet salsa business to an affiliate of hummus and dip company Fountain of Health USA for an undisclosed amount. Intraday Data provided by FACTSET and subject to terms of use. WATCH: How Campbell Soup fell off its perch. SPX, All Rights Reserved. The industry requires expertise in agriculture that Campbell lacked. which is up nearly 16%. Privacy Notice and The fresh food industry, though, proved to be a poor fit for Campbell. Got a confidential news tip? Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Campbell paid $1.55 billion for Bolthouse Farms in 2012, when the brand had more than $100 million in earnings before interest, taxes, depreciation and amortization. Black Friday traffic at U.S. stores down 52% even as online retail sales hit record high, Airbnb IPO could go public as early as mid-December: analyst, Trump administration to add China’s SMIC, CNOOC to export blacklist: report, Biden fractures his foot playing with dog, Biden fills out his economic team, with eye on rapid recovery. The Bolthouse Foundation is a separate entity from Bolthouse Farms, and all funding decisions by The Bolthouse Foundation are made solely by the Bolthouse Foundation. Campbell Soup is nearing a deal to sell Bolthouse Farms to its former CEO for roughly half of what it paid for the carrot and juice company seven years ago, a person familiar tells CNBC. © 2020 CNBC LLC. +0.24%, With a century worth of roots in carrot farming, we wake … The transaction is expected to close in the summer. , to help finance its $ 6.1 billion acquisition of snack business Snyder's-Lance earlier this year,... 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