Bolthouse Farms Acquires Evolution Fresh From Starbucks
May 24 2022 - 7:30PM
Business Wire
Bolthouse Farms, portfolio company of
Butterfly, aligns powerhouse juice brands to propel Evolution Fresh
forward; Starbucks to focus efforts on the growth of its core
business
Starbucks (NASDAQ: SBUX) and Bolthouse Farms today announced
entry into a definitive agreement for Bolthouse Farms to acquire
the brand and business of Evolution Fresh. The partners (employees)
that support the business will also transition to Bolthouse Farms
upon close of the transaction.
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Evolution Fresh is a leading producer of primarily organic,
cold-pressed, premium juice products. By joining forces with
Bolthouse Farms - the No. 1 super premium refrigerated beverage
brand and largest carrot supplier to North American retailers1 -
Evolution Fresh will have the opportunity to accelerate its growth
trajectory while Starbucks focuses its efforts on the growth of the
core Starbucks business and its partner and customer
experience.
“Evolution Fresh has grown steadily over the last several years
as a result of our partners’ hard work and commitment to the brand.
We feel there is a great runway and opportunity to take Evolution
Fresh to the next level, and Bolthouse Farms’ considerable
experience and success in the premium beverage category will allow
the brand to continue growing,” said Hans Melotte, Starbucks
executive vice president Global Channel Development. “Bolthouse
Farms shares the same values and commitment to putting people first
in everything they do, which affirms for us that we have found the
right opportunity for Evolution Fresh.”
Through this acquisition, Bolthouse Farms will expand its
beverage offerings from nutrient-dense, plant-powered juices and
smoothies to include a full lineup of primarily organic
cold-pressed, premium juices. Starbucks stores in the U.S. will
continue to sell Evolution Fresh products.
“Evolution Fresh is a natural extension of the Bolthouse Farms
portfolio and we look forward to welcoming the team,” said Jeff
Dunn, chairman and chief executive officer of Bolthouse Farms. “At
Bolthouse Farms, with the support of Butterfly, we strive to ensure
that the acres we grow and beverages we make have a positive impact
on the land, on the people who make up our company, and on all
people. By bringing Evolution Fresh into our portfolio, we will
extend our spirit of ingenuity and innovation, sharing resources
and passion for high-quality, nutrient-dense juices to pioneer
solutions for today’s food system.”
Butterfly is a leading private equity firm that specializes in
the food sector with a particular focus on high-growth, on-trend
categories. Through Bolthouse Farms, Evolution Fresh joins
Butterfly’s brand portfolio that includes the likes of Chosen
Foods, MaryRuth Organics, Orgain, and Pete and Gerry’s
Organics.
“We have long admired the Evolution Fresh brand and see
tremendous untapped potential in the premium beverage category. By
bringing these powerhouse brands together — Bolthouse Farms and
Evolution Fresh — we will deliver a robust, high-growth, and
consumer-preferred portfolio of juices to market,” said Bill
Levisay, president, Consumer Brands, Bolthouse Farms.
The transaction, which is for an undisclosed amount, is expected
to close later this year.
About Starbucks Since 1971,
Starbucks Coffee Company has been committed to ethically sourcing
and roasting high-quality arabica coffee. Today, with more than
34,000 stores worldwide, the company is the premier roaster and
retailer of specialty coffee in the world. Through our unwavering
commitment to excellence and our guiding principles, we bring the
unique Starbucks Experience to life for every customer through
every cup. To share in the experience, please visit us in our
stores or online at stories.starbucks.com or starbucks.com.
About Bolthouse Farms For
more than a century, Bolthouse Farms has been known as the
innovation leader in growing and distributing carrots and
high-quality, nutrient-dense branded products. Employing more than
2,200 people and headquartered in Bakersfield in California’s
fertile San Joaquin Valley, Bolthouse Farms is one of the largest
carrot growers and distributors in the U.S. and the No. 1 premium
refrigerated beverage brand in U.S. retail. Guided by its purpose —
Ingenuity Grows Good — the company also produces and sells
super-premium juices, smoothies, café beverages, protein shakes,
functional beverages and premium refrigerated dressings, all under
the Bolthouse Farms® brand name. Visit Bolthouse Farms or follow us
on Instagram, Facebook and Twitter.
About Butterfly 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.bfly.com.
1 SOURCE: IRI MULO L52 weeks ending May 1, 2022
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