The private-equity owners of Bolthouse Farms have restructured the US business into two distinct companies.
Butterfly Equity, which purchased California-based Bolthouse Farms from Campbell Soup Co. in 2019, announced that the division will “enable accelerated growth via increased flexibility for investment in capabilities as well as acquisitions”.
One side of the business, Bolthouse Fresh Foods, will focus on supplying fresh carrots to retailers throughout North America, with leadership under CEO Timothy Escamilla, previously president of Dole Fresh Vegetables.
The second entity, Generous Brands, will encompass fruit and vegetable juices, smoothies, and fortified energy and immunity drinks, including Evolution Fresh, which Butterfly Equity acquired from Starbucks in 2022.
Steve Cornell, former president of the fresh, beverages and desserts division at Kraft Heinz, has been appointed as CEO of Generous Brands.
“This separation was always part of our investment thesis,” stated Adam Waglay, co-founder and joint CEO of Butterfly Equity.
“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 division was facilitated by separate debt recapitalisations for each segment, according to Butterfly Equity, with Jeff Dunn being elevated from CEO of Bolthouse Farms to executive chairman of both companies.
Bolthouse Farms enhanced its fresh carrot segment in 2020 by acquiring the carrot operations of Arizona-based Rousseau Farming, which kept its stakes in other vegetable markets.
“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,” commented CEO Escamilla.
Steve 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.”