Campbell Soup Co. has completed the acquisition of Bolthouse Farms from a fund managed by Chicago-based private equity firm Madison Dearborn Partners LLC, for $1.55 billion in cash. Campbell funded the acquisition through a combination of short- and long-term borrowings.
Bakersfield, Calif.-based Bolthouse is a vertically integrated food and beverage company focused on developing, manufacturing and marketing proprietary, high value-added natural, healthy products. The company has leading U.S. market positions in fresh carrots and superpremium beverages, as well as a growing presence in refrigerated salad dressings.
“We have acquired a terrific business that is a good strategic fit with Campbell’s existing portfolio and growth strategies,” said Denise Morrison, president and CEO of Camden, N.J.-based Campbell. “Bolthouse Farms has exceptional employees and fantastic products. This gives Campbell one of the leading positions in both the fast-growing packaged fresh food market and in healthy beverages, and provides us with an opportunity to expand into adjacent segments that leverage exciting consumer trends.”
Campbell will operate Bakersfield, Calif.-based Bolthouse as a separate business unit. Members of Bolthouse’s senior management team will continue to head the business, with the company’s president, Jeff Dunn, reporting directly to Morrison.