Campbell Soup to sell Bolthouse Farms to Butterfly Equity affiliate for $510M
Campbell Soup Company announced that it has signed a definitive agreement for the sale of Bolthouse Farms to an affiliate of Butterfly Equity for $510M, subject to customary purchase price adjustments. Upon the completion of the sale of Bolthouse Farms, which is expected by the end of fiscal 2019, Campbell will have divested its entire Campbell Fresh division. Campbell recently announced the sale of Garden Fresh Gourmet and the company's Everett, Washington, refrigerated soup plant. In fiscal year 2018, Campbell Fresh recorded net sales of $970M. Proceeds from the divestiture of the Campbell Fresh businesses will allow the company to reduce debt by approximately $570M. The transactions are not expected to impact the company's fiscal 2019 guidance. As outlined in August 2018 as part of its Board-led strategy and portfolio review, Campbell launched thorough divestiture processes for both its Campbell Fresh and Campbell International businesses. The process to divest Campbell International is ongoing.