BAKERSFIELD, Calif. (KGET) — Campbell Soup Company announced Friday it has signed an agreement to sell Bakersfield’s Bolthouse Farms to a Los Angeles-based private equity firm for $510 million.
The sale to Butterfly Equity is expected to be complete by the end of fiscal 2019, according to a Campbell’s news release.
“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,” Mark Clouse, Campbell’s president and CEO, said in the release.
Bolthouse Farms, acquired by Campbell in August 2012, is based in Bakersfield and Santa Monica and has roughly 2,200 employees. The company produces organic beverages, dressings and carrots.