Campbell Closes Sale of Bolthouse Farms, Completing the Divestiture of Campbell Fresh Division
June 17 2019 - 12:45PM
Business Wire
Campbell Soup Company (NYSE: CPB) announced today it has
closed the sale of Bolthouse Farms to an affiliate of Butterfly
Equity, a Los Angeles-based private equity firm, for a purchase
price of $510 million, subject to customary adjustments.
The sale of Bolthouse Farms marks the completion of the
divestiture of the Campbell Fresh division. Campbell previously
announced the sales of Garden Fresh Gourmet and the company’s
refrigerated soup business. Net proceeds from the divestitures will
be used to pay down debt.
The company will continue to report the Campbell Fresh segment
as discontinued operations when it announces fourth-quarter and
full-year fiscal 2019 earnings on Aug. 29, 2019.
About Campbell Soup Company
Campbell (NYSE:CPB) is driven and inspired by our Purpose, "Real
food that matters for life's moments." For generations, people have
trusted Campbell to provide authentic, flavorful and affordable
snacks, soups and simple meals, and beverages. Founded in 1869,
Campbell has a heritage of giving back and acting as a good steward
of the planet's natural resources. The company is a member of the
Standard and Poor's 500 and the Dow Jones Sustainability Indexes.
For more information, visit www.campbellsoupcompany.com or follow
company news on Twitter via @CampbellSoupCo. To learn more about
how we make our food and the choices behind the ingredients we use,
visit www.whatsinmyfood.com.
About Butterfly Equity
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.butterflyequity.com.
Forward-Looking Statements
This release contains “forward-looking statements” that reflect
Campbell’s current expectations about the impact of its future
plans and performance on Campbell’s business or financial results.
These forward-looking statements rely on a number of assumptions
and estimates that could be inaccurate and which are subject to
risks and uncertainties. The factors that could cause Campbell’s
actual results to vary materially from those anticipated or
expressed in any forward-looking statement are described in
Campbell’s most recent Form 10-K and subsequent Securities and
Exchange Commission filings, and include Campbell’s ability to
execute on and realize the expected benefits from the actions it
intends to take as a result of its recent strategy and portfolio
review; the ability to differentiate its products and protect its
category leading positions, especially in soup; the ability to
complete and to realize the projected benefits of planned
divestitures and other business portfolio changes; Campbell’s
indebtedness and ability to pay such indebtedness; and changes in
currency exchange rates, tax rates, interest rates, debt and equity
markets, inflation rates, economic conditions, law, regulation and
other external factors. Campbell disclaims any obligation or intent
to update the forward-looking statements to reflect events or
circumstances after the date of this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20190617005683/en/
INVESTOR CONTACT:Ken Gosnell(856)
342-6081Ken_Gosnell@campbellsoup.com
MEDIA CONTACT:Thomas Hushen(856)
342-5227Thomas_Hushen@campbellsoup.com
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