Campbell Soup Company to Sell Bolthouse Farms


In a riches to rags story, Bolthouse Farms a processor of carrots and related vegetables, purchased by the Campbell Soup Company in 2012 for $1.6 billion will be sold for $510 million. The transaction is motivated by the need to reduce debt incurred under the presumption by then CEO Denise Morrison, that the future for the company would be in healthy, natural and organic foods. Campbell Soup was abysmally inefficient in execution following the Bolthouse acquisition incurring numerous technical and promotional missteps. It is understood that the company will be purchased by Butterfly Equity of Los Angeles with Jeff Dunn, CEO at the time of the purchase, returning as the leader of the enterprise.

Campbell Soup will also divest a Michigan salsa company for $60 million purchased for $232 million and will sell the Garden Fresh soup plant for $60 million against an initial purchase of $312 million. Under Morrison, the family-dominated Board of Campbell Soup authorized the purchase of diverse businesses valued at $2.4 billion. More than $1.4 billion of this amount has been written down.

In 2018, in an attempt to return to its roots (as opposed to just carrots), Campbell Soup purchased Snyder-Lance, a manufacturer of snacks for $6 billion increasing long-term debt to an unsustainable $9 billion.