Los Angeles-based private equity company Butterfly has closed on the $510 million acquisition of Bolthouse Farms, Bakersfield, Calif.
The purchase from Campbell Soup Co., was announced earlier this year. Bolthouse has “leading market positions in fresh carrots and refrigerated premium beverages,” according to a news release, along with salad dressings. Bolthouse has more than 65,000 of production land, national distribution capabilities and carrot and beverage processing facility.
Bolthouse has facilities in Bakersfield, Hodgkins, Ill., Wheatley, Ontario, and Prosser, Wash.
Butterfly partner Jeff Dunn is CEO of Bolthouse as of June 17, according to the release. He was president and CEO there when Campbell Soup bought the company in 2012, later becoming president of Campbell’s fresh division before leaving in 2016 to lead Juicero.
“Now begins the work of reinforcing Bolthouse Farms’ position as a leader and innovator in produce and plant-based products,” Dunn said in the release. “Today we begin the next chapter in Bolthouse Farms' long and successful history.”
Butterfly has a “seed to fork” approach to investing in food across agriculture, aquaculture, food and beverage products, food distribution and foodservice, according to the release.