Bolthouse Farms looking for suitors
Bolthouse Farms looking for suitors
Wm. Bolthouse Farms Inc., headquartered in Bakersfield, CA, and one of the larger carrot grower-shippers in the country, is looking to sell at least part of the firm, according to an article in the May 20 issue of the Bakersfield Californian.
Repeated calls to the Kern County shipper were not returned, but the company's finance manager, Marty Buck, was quoted in the newspaper article confirming the report that apparently had appeared on the Internet earlier in the month. Mr. Buck said that some members of the family-owned operation were interested in cashing out, and that the sale of at least some of the private shares could occur by this summer.
Opening Bolthouse to outside investors would be a major move for the 90-year-old family-run farm.
According to the company's web site, the Bolthouse family began commercial vegetable farming in western Michigan in 1915. The company grew steadily through the years and became a major supplier of carrots, celery, spinach and onions, with most of its production going to local canneries.
By 1950, Bolthouse Farms was a leading supplier of carrots to Midwest processors.
In 1959, William Bolthouse built a fresh carrot-packing facility, and began marketing to the newly emerging chainstores and supermarkets.
The move to the fresh market eventually resulted in the relocation to California, as Bolthouse needed to be in the carrot business every day of the year. In 1972, the company built a packing facility in Bakersfield and moved its headquarters there.
In the 1990s, the carrot industry consolidated dramatically. Today, Grimmway Farms, also located in Kern County, and Bolthouse Farms represent around 90 percent of the U.S. carrot production.
According to the Californian, Bolthouse is working with Goldman, Sachs & Co. to secure buyers. Its carrot and premier juice operation have annual revenues in the neighborhood of $400 million to $500 million.
The premier juice operation at the company's plant in Bakersfield began in 2003 and offers a variety of fruit- and vegetable-based juices.
Repeated calls to the Kern County shipper were not returned, but the company's finance manager, Marty Buck, was quoted in the newspaper article confirming the report that apparently had appeared on the Internet earlier in the month. Mr. Buck said that some members of the family-owned operation were interested in cashing out, and that the sale of at least some of the private shares could occur by this summer.
Opening Bolthouse to outside investors would be a major move for the 90-year-old family-run farm.
According to the company's web site, the Bolthouse family began commercial vegetable farming in western Michigan in 1915. The company grew steadily through the years and became a major supplier of carrots, celery, spinach and onions, with most of its production going to local canneries.
By 1950, Bolthouse Farms was a leading supplier of carrots to Midwest processors.
In 1959, William Bolthouse built a fresh carrot-packing facility, and began marketing to the newly emerging chainstores and supermarkets.
The move to the fresh market eventually resulted in the relocation to California, as Bolthouse needed to be in the carrot business every day of the year. In 1972, the company built a packing facility in Bakersfield and moved its headquarters there.
In the 1990s, the carrot industry consolidated dramatically. Today, Grimmway Farms, also located in Kern County, and Bolthouse Farms represent around 90 percent of the U.S. carrot production.
According to the Californian, Bolthouse is working with Goldman, Sachs & Co. to secure buyers. Its carrot and premier juice operation have annual revenues in the neighborhood of $400 million to $500 million.
The premier juice operation at the company's plant in Bakersfield began in 2003 and offers a variety of fruit- and vegetable-based juices.
