The private-equity owners of Bolthouse Farms have split the US business into two separate companies.
Butterfly Equity, which acquired California-based Bolthouse Farms from Campbell Soup Co. in 2019, said the separation will “enable accelerated growth via increased flexibility for investment in capabilities as well as acquisitions”.
Bolthouse Fresh Foods will now operate on the one side in fresh carrots supplied to retailers across North America and will be headed by CEO Timothy Escamilla, the former president of Dole Fresh Vegetables.
Generous Brands makes up the other business, incorporating fruit and vegetable juices, smoothies, and fortified energy and immunity drinks. Evolution Fresh is also included, a company Butterfly Equity acquired in 2022 from coffee giant Starbucks.
Steve Cornell, the former president of the fresh, beverages and desserts division at Kraft Heinz, has been appointed CEO of Generous Brands.
“This separation was always part of our investment thesis,” Adam Waglay, a co-founder and a joint CEO of California-based Butterfly Equity, said.
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“We have recruited best-in-class leadership teams which are strategically aligned to each business so that Bolthouse Fresh Foods can focus on delivering high quality, fresh produce with excellent service, and Generous Brands can become a strong, consumer-centric business with superior fresh beverage brands.”
The transaction has been enabled by the separate debt recapitalisations of each business, Butterfly Equity said, adding Jeff Dunn has been promoted from CEO of Bolthouse Farms to executive chairman of both companies.
Bolthouse Farms bolstered its presence in fresh carrots in 2020 with the purchase of the carrot operations of Arizona-based Rousseau Farming, which retained its interest in other vegetable segments.
Bolthouse Fresh Foods’ CEO Escamilla said: “Bolthouse Fresh Foods remains dedicated to nourishing people’s lives by providing high quality, nutrient-dense products that continue to thrive in today’s dynamic marketplace.”
Cornell of Generous Brands added. “This transaction will enable Generous Brands to meet the needs of more consumers through more innovation, new investments in our business, and acquiring complementary brands to take our platform to its full potential.”
