Butterfly, a Los Angeles-based private equity firm specializing in the food sector, has closed on its acquisition of Bolthouse Farms from Campbell Soup Co. for $510 million in cash, subject to customary purchase price adjustments.

Founded in 1915 and based in Bakersfield, CA, and Santa Monica, CA, Bolthouse Farms is a vertically integrated food and beverage company focused on developing, manufacturing and marketing proprietary, high value-added, natural, healthy products. The company has leading market positions in fresh carrots and refrigerated premium beverages in the U.S., along with a strong and growing presence in refrigerated salad dressings. Bolthouse Farms benefits from access to over 65,000 acres of premium growing land, nationwide fresh distribution capabilities, and a state-of-the-art carrot and beverage processing facility. The company has approximately 2,200 employees and operates facilities in Bakersfield, CA; Hodgkins, IL; Wheatley, ON; and Prosser, WA.

Bolthouse Farms is Butterfly’s most recent investment within its seed-to-fork approach to investing in food across agriculture, aquaculture, food and beverage products, food distribution and foodservice. As of today, Butterfly Operating Partner Jeff Dunn assumes the role of chief executive officer of Bolthouse Farms, where he previously served as president and CEO from 2008 until 2012, when it was acquired by Campbell Soup Co. He continued leading the business for Campbell Soup Co. from 2012 until his departure from the company in 2016.

“Today we are excited to formally join Bolthouse Farms on its mission of providing fresh, healthy plant-based products to consumers around the country,” said Adam Waglay, Butterfly co-founder.

“Now begins the work of reinforcing Bolthouse Farms’ position as a leader and innovator in produce and plant-based products,” said Dunn. “Today we begin the next chapter in Bolthouse Farms' long and successful history.”