Campbell to acquire
Jul 12, 2012 10:36 AM
Campbell Soup Company (NYSE:CPB) has entered into an agreement to acquire Bolthouse Farms from a fund managed by Madison Dearborn Partners LLC, a private equity firm, for $1.55 billion in cash.
Founded in 1915, Bolthouse is a vertically integrated food and beverage company focused on developing, manufacturing, and marketing natural, healthy products. The company has leading market positions in fresh carrots and beverages in the United States, along with a growing presence in refrigerated salad dressings.
The acquisition of Bolthouse will provide Campbell with significant presence and a new platform for expansion in the growing, $12 billion market for packaged fresh foods. The addition of Bolthouseís refrigerated beverages will complement Campbellís V8 beverage business and will create one of the industryís largest healthy beverage platforms, with annual sales of approximately $1.2 billion.
Headquartered in Bakersfield CA, Bolthouse markets and sells its beverages and dressings under the Bolthouse Farms brand, and its carrots under the Bolthouse Farms, Earthbound Farms, and Green Giant brands, as well as private label offerings. For its fiscal year ended March 31, 2012, Bolthouse had sales of $689 million and adjusted EBIT of $92 million. From 2010 through 2012, the company had compound annual net sales growth of 7 percent. It employs about 2,100 people.
Campbell plans to operate Bolthouse as a separate business unit. Members of Bolthouseís senior management team, including Jeff Dunn, president and chief executive officer, will remain with the company.
For more information, visit www.campbellsoup.com.
© 2013 Penton Media Inc.
Acceptable Use Policy blog comments powered by Disqus