Campbell Soup Co. sells Bolthouse Farms

As part of its plan to reduce debt, Campbell Soup Co. is selling its Bolthouse Farms business to Butterfly Equity for US$510 million.

In a press release, the food company said the deal, which is expected to close by the end of fiscal 2019, would help reduce its debt by approximately $570 million. Once the deal is complete, Campbell will have divested its entire Campbell Fresh division, which last year recorded net sales of $970 million.

Earlier this year, Campbell sold chips and salsa maker Garden Fresh Gourmet for an undisclosed amount, and also put its refrigerated soup plant up for sale.

READ: Campbell’s “fresh” push falters

“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,” said Mark Clouse, Campbell’s president and CEO, in the release.

Butterfly said its operating partner Jeff Dunn would take the role of chief executive officer at Bolthouse Farms, where he previously served as president and CEO between 2008 and 2015.