Butterfly, a Los Angeles-based private equity firm specializing in the food sector, says it separated Bolthouse Farms into two standalone entities: Bolthouse Fresh Foods and Generous Brands.
Bolthouse Fresh Foods will carry on a supplier of fresh carrots to retailers across North America, with nearly 700 million pounds of carrots sold annually, according to a news release. Generous Brands will encompass the premium fresh beverage and salad dressing businesses of Bolthouse Farms and Evolution Fresh.
Butterfly acquired Bolthouse Farms from Campbell Soup Co. in a carve-out transaction in 2019. Butterfly said it implemented numerous strategic initiatives to drive topline growth of more than 30%.
Bolthouse Farms also acquired Evolution Fresh from Starbucks in August 2022.
“We’re incredibly excited to announce the separation of Bolthouse Farms into two distinct industry-leading platforms, which will further propel the growth of these businesses and their ability to outperform for customers throughout the world,” Adam Waglay, co-founder and co-CEO of Butterfly, said in the release. “This separation was always part of our investment thesis, and we have recruited best-in-class leadership teams which are strategically aligned to each business so that Bolthouse Fresh Foods can focus on delivering high quality, fresh produce with excellent service and Generous Brands can become a strong, consumer-centric business with superior fresh beverage brands.”
As part of the restructuring, Butterfly said it promoted operating partner Jeff Dunn to executive chairman of both companies. It also added Timothy Escamilla, former president of Dole Fresh Vegetables, as CEO of Bolthouse Fresh Foods, while it appointed Steve Cornell, former president of fresh, beverages and desserts at The Kraft Heinz Co., as CEO of Generous Brands.
“Bolthouse Fresh Foods remains dedicated to nourishing people’s lives by providing high-quality, nutrient-dense products that continue to thrive in today’s dynamic marketplace,” said Escamilla, who has more than 30 years of experience in the produce industry across leading companies such as Dole, Tanimura & Antle, Ready Pac Foods and more.
