Campbell and Affiliate of Butterfly Equity Sign Definitive Agreement for Sale of Bolthouse Farms for $510 Million
12 Avril 2019 - 7:15PM
Business Wire
Bolthouse Farms Deal Marks the Divestiture
of Entire Campbell Fresh Division
Campbell Soup Company (NYSE: CPB) announced today that it
has signed a definitive agreement for the sale of Bolthouse Farms
to an affiliate of Butterfly Equity, a Los Angeles-based private
equity firm specializing in the food sector, for $510 million,
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 $970 million. Proceeds from the divestiture
of the Campbell Fresh businesses will allow the company to reduce
debt by approximately $570 million. The transactions are not
expected to impact the company’s fiscal 2019 guidance.
Mark Clouse, Campbell’s President and CEO, said, “The sale of
Bolthouse Farms supports our strategy to focus on our two core
North American businesses, Campbell Snacks and Campbell Meals and
Beverages, where we have iconic brands and strong market
positions.”
Acquired by Campbell in August 2012, Bolthouse Farms is a
leading producer of organic beverages, dressings and carrots.
Bolthouse Farms is based in Bakersfield and Santa Monica,
California, and operates facilities in Hodgkins, Illinois,
Wheatley, Ontario and Prosser, Washington. The company has
approximately 2,200 employees.
The transaction is subject to customary closing conditions.
Campbell was advised by Centerview Partners, Goldman Sachs and
Weil, Gotshal & Manges LLP.
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.
About Campbell Soup Company
Campbell (NYSE:CPB) is driven and inspired by our Purpose, "Real
food that matters for life's moments." For generations, people have
trusted Campbell to provide authentic, flavorful and affordable
snacks, soups and simple meals, and beverages. Founded in 1869,
Campbell has a heritage of giving back and acting as a good steward
of the planet's natural resources. The company is a member of the
Standard and Poor's 500 and the Dow Jones Sustainability Indexes.
For more information, visit www.campbellsoupcompany.com or follow
company news on Twitter via @CampbellSoupCo. To learn more about
how we make our food and the choices behind the ingredients we use,
visit www.whatsinmyfood.com.
About Butterfly Equity
Butterfly Equity ("Butterfly") is a Los Angeles, California
based private equity firm specializing in the food sector, spanning
the entire food value chain from "seed to fork" via four target
verticals: agriculture & aquaculture, food & beverage
products, food distribution and foodservice. Butterfly aims to
generate attractive investment returns through deep industry
specialization, a unique approach to sourcing transactions, and
leveraging an operations-focused and technology-driven approach to
value creation. For additional information about Butterfly, please
visit its website at www.butterflyequity.com.
Forward-Looking Statements
This release contains “forward-looking statements” that reflect
the Company’s current expectations about the impact of its future
plans and performance on the Company’s business or financial
results. These forward-looking statements rely on a number of
assumptions and estimates that could be inaccurate and which are
subject to risks and uncertainties. The factors that could cause
the Company’s actual results to vary materially from those
anticipated or expressed in any forward-looking statement are
described in the Company’s most recent Form 10-K and subsequent
Securities and Exchange Commission filings, and include the
Company’s ability to execute on and realize the expected benefits
from the actions it intends to take as a result of its recent
strategy and portfolio review; the ability to differentiate its
products and protect its category leading positions, especially in
soup; the ability to complete and to realize the projected benefits
of planned divestitures and other business portfolio changes; the
Company’s indebtedness and ability to pay such indebtedness; and
changes in currency exchange rates, tax rates, interest rates, debt
and equity markets, inflation rates, economic conditions, law,
regulation and other external factors. The Company disclaims any
obligation or intent to update the forward-looking statements to
reflect events or circumstances after the date of this release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190412005392/en/
INVESTOR CONTACT:Ken Gosnell(856)
342-6081Ken_Gosnell@campbellsoup.com
MEDIA CONTACT:Thomas Hushen(856)
342-5227Thomas_Hushen@campbellsoup.com
Campbell Soup (NYSE:CPB)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Campbell Soup (NYSE:CPB)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024
