Campbell Soup Co. sells Bolthouse Farms
Campbell Soup Co. is taking its first steps to reduce debt by selling its Bolthouse Farms business to an affiliate of private equity firm Butterfly Equity for $510 million.
According to CNBC, the CPG company said that the deal would help reduce its debt by approximately $570 million.
Butterfly said its operating partner Jeff Dunn will take the role of chief executive officer at Bolthouse Farms, where he previously served as president and CEO between 2008 and 2015.
“The sale of Bolthouse Farms supports our strategy to focus on our two core North American businesses, Campbell Snacks and Campbell Meals and Beverages,” CEO Mark Clouse said, according to CNBC.
The transaction is not expected to impact the company’s fiscal 2019 forecast.