Campbell Soup Company today announced that it has completed the acquisition of Bolthouse Farms from Madison Dearborn Partners for $1.55 billion in cash. Campbell will operate Bolthouse as a separate business unit and members of Bolthouse Farm’s senior management team will continue to lead the business. Jeff Dunn, the President of Bolthouse Farms, will report directly to Denise Morrison, Campbell’s President and Chief Executive Officer.
Bolthouse Farms makes and markets juices, refrigerated salad dressing and packaged carrots. The company, founded in 1915, employs about 2,100 people and is headquartered in Bakersfield, CA (www.bolthouse.com).
“We have acquired a terrific business that is a good strategic fit with Campbell’s existing portfolio and growth strategies. Bolthouse Farms has exceptional employees and fantastic products. This gives Campbell one of the leading positions in both the fast-growing packaged fresh food market and in healthy beverages and provides us with an opportunity to expand into adjacent segments that leverage exciting consumer trends,” said Ms. Morrison.
Madison Dearborn Partners has more than $18 billion of capital under management and makes new investments through its most recent funds, Madison Dearborn Capital Partners V and Madison Dearborn Capital Partners VI. Madison Dearborn invests in businesses across a spectrum of industries including basic industries; business and government services; consumer; financial services; health care; and telecom, media and technology services. The firm was founded in 1992 and is based in Chicago, IL (www.mdcp.com).
Campbell Soup Company is a global manufacturer and marketer of foods and simple meals, including soup and sauces, baked snacks and beverages. Founded in 1869, the company has a portfolio of market-leading brands, including “Campbell’s,” “Pepperidge Farm,” “Arnott’s” and “V8” (www.campbellsoup.com).