Bolthouse Farms splits fresh produce and beverage
Bolthouse Farms splits fresh produce and beverage
Bolthouse Farms is being separated into two standalone entities: Bolthouse Fresh Foods and Generous Brands. The former will carry on the century-old legacy of Bolthouse Farms as a leading supplier of fresh carrots to retailers across North America, with nearly 700 million pounds of carrots sold annually. Generous Brands will encompass the premium fresh beverage and salad dressing businesses of Bolthouse Farms and Evolution Fresh.
Butterfly, Bolthouse's parent company, has implemented numerous strategic initiatives since it was acquired from Campbell Soup Co. in 2019. These efforts have driven topline growth in excess of 30 percent. Bolthouse Farms also acquired Evolution Fresh from Starbucks in August 2022, uniting two powerhouse beverage brands with complementary product offerings, channel penetration and consumer bases.
This separation is being facilitated by way of separate debt recapitalizations of each business, enabling Bolthouse Fresh Foods and Generous Brands to continue onward as two separate companies with purpose-built strategies and leadership teams. Butterfly expects these transactions to enable accelerated growth via increased flexibility for investment in capabilities as well as acquisitions.
“We’re incredibly excited to announce the separation of Bolthouse Farms into two distinct industry-leading platforms, which will further propel the growth of these businesses and their ability to outperform for customers throughout the world,” said Adam Waglay, co-founder and co-CEO of Butterfly. “This separation was always part of our investment thesis, and 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.”
Butterfly Operating Partner Jeff Dunn has been promoted from CEO to executive chairman of both companies, while two veteran food industry executives were brought in to serve as the respective go-forward CEOs of the companies. Timothy Escamilla, former president of Dole Fresh Vegetables, has been appointed CEO of Bolthouse Fresh Foods, while Steve Cornell, former president of fresh, beverages and desserts at The Kraft Heinz Co., has been appointed CEO of Generous Brands.
“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,” said Escamilla, who joined Bolthouse Fresh Foods as CEO in May 2023 with 30 years of experience in the produce industry across leading companies such as Dole, Tanimura & Antle and Ready Pac Foods.