+0.24%, Tonya joined MarketWatch from Moguldom Media, where she was business editor for MadameNoire, a website targeting African-American women with a range of content from personal finance to economics, politics, education and lifestyle and entertainment. Campbell paid $1.55 billion for Bolthouse Farms in 2012. Should the deal be consummated, it would mark the end to a strategy heralded by former CEO Denise Morrison. 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. Butterfly Operating Partner Jeff Dunn will become chief executive of Bolthouse Farms. Campbell Soup Co. soup cans and Bolthouse Farms juices are arranged for a photograph in Washington, D.C. along with its international snack brands. Campbell is selling its fresh food business, along with its international snack brands, to help pay down debt. Get this delivered to your inbox, and more info about our products and services. The fresh food industry, though, proved to be a poor fit for Campbell. She is based in New York. This is why I’m cheering for the Novavax underdog. The deal is pending board approval, which could come as soon as this week, the person added. I just received my second shot a few days ago,' writes Pierre Briançon of volunteering for a vaccine trial in London. 'No, I never considered it was risky, and no, of course, I’m not getting paid. Tonya Garcia is a MarketWatch reporter covering retail and consumer-oriented companies. SPX, Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. The industry requires expertise in agriculture that Campbell lacked. You can follow her on Twitter @tgarcianyc. Privacy Notice and A Division of NBCUniversal. A spokesperson for Campbell said the company does not comment on rumor or speculation. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. 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. Got a confidential news tip? which is up nearly 16%. 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. Subscriber Agreement & Terms of Use, 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. 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. Campbell Soup bought Bolthouse Farms in 2012 for $1.55 billion. The person requested anonymity because the information is confidential. All Rights Reserved. The deal is pending board approval, which could come as soon as this week, the person said. What if I'm in my 40s and don't have a retirement fund? Campbell Soup Co. The Bolthouse Foundation is a religious charity funding evangelical causes. Historical and current end-of-day data provided by FACTSET. Data is a real-time snapshot *Data is delayed at least 15 minutes. Disney announces 4,000 more layoffs due to pandemic. The Wall Street Journal first reported earlier Thursday the advanced talks. Sign up for free newsletters and get more CNBC delivered to your inbox. By using this site you agree to the has sold its healthy food brand Bolthouse Farms to Butterfly, a Los Angeles-based private-equity firm, for $510 million in cash. With a century worth of roots in carrot farming, we wake … Campbell is in advanced talks to sell Bolthouse Farms to an investor group led by former its former CEO Jeffrey Dunn, for roughly $500 million, a person familiar with the talks tells CNBC. Mr. and Mrs. William J. Bolthouse sold their interest in Wm. He led the brand while at Campbell, until leaving in 2016. She also worked at Mediabistro, and previously handled media relations for MSLGroup’s consumer practice. An ill-timed California drought further exacerbated Campbell's challenges with Bolthouse. Campbell Soup stock is up 20.6% for the year to date, outpacing the S&P 500 index 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. The Bolthouse family sold the company to Chicago-based private equity firm Madison Dearborn Partners LLC in 2005. Morrison, who resigned abruptly last year, had pushed the soup company to take cash flow from its profitable but slowing soup business and invest it into more on-trend areas of the grocery store like fresh food. No members of The Bolthouse Foundation have a financial interest in Bolthous… Bolthouse Farms is a vertically integrated company producing organic beverages, dressing and carrots. WATCH: How Campbell Soup fell off its perch. It is now losing money, CNBC has reported. Copyright © 2020 MarketWatch, Inc. All rights reserved. Campbell Soup announced last year that it was in talks to see the fresh food portion of the business. 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. 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. Intraday Data provided by FACTSET and subject to terms of use. 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 -- … I’ve already been injected with a COVID vaccine. Intraday data delayed at least 15 minutes or per exchange requirements. We want to hear from you. Bolthouse Farms in late 2005, and since then the Bolthouse Foundation has reflected their giving decisions exclusively. 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