Campbell to sell Bolthouse Farms for US$510 million

Campbell soup Co said on Friday it would sell its Bolthouse Farms business to an affiliate of private equity firm Butterfly Equity for US$510 million, in the U.S. food company’s first major sale as part of its cost-cutting divestiture plan.

FILE PHOTO: The logo and ticker for Campbell Soup Co. are displayed on a screen on the floor of the FILE PHOTO: The logo and ticker for Campbell Soup Co. are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 18, 2018. REUTERS/Brendan McDermid/File Photo

REUTERS: Campbell soup Co said on Friday it would sell its Bolthouse Farms business to an affiliate of private equity firm Butterfly Equity for US$510 million, in the U.S. food company’s first major sale as part of its cost-cutting divestiture plan.

The company said the completion of the sale of Bolthouse Farms, part of Campbell’s fresh unit, is expected by the end of fiscal 2019.

Campbell will have divested its entire fresh division on completion of the deal, the company said.

The Wall Street Journal on Thursday had reported about the deal saying former Bolthouse Chief Executive Officer Jeff Dunn was working with Butterfly Equity to buy the unit.

(Reporting by Uday Sampath in Bengaluru)