The private-equity owners of Bolthouse Farms have restructured the US business into two separate companies to drive accelerated growth. Butterfly Equity, which acquired California-based Bolthouse Farms from Campbell Soup Co. in 2019, initiated the separation to enhance flexibility for investment in capabilities and acquisitions.
On one side, Bolthouse Fresh Foods will focus on supplying fresh carrots to retailers across North America, with Timothy Escamilla, former president of Dole Fresh Vegetables, leading the division. The other entity, Generous Brands, will encompass fruit and vegetable juices, smoothies, fortified energy, and immunity drinks, along with Evolution Fresh, acquired by Butterfly Equity 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.
Adam Waglay, co-founder and joint CEO of Butterfly Equity, stated, “This separation was always part of our investment thesis.” The restructuring was supported by separate debt recapitalizations for each business, with Jeff Dunn promoted from CEO of Bolthouse Farms to executive chairman of both companies.
In 2020, Bolthouse Farms strengthened its position in the fresh carrot market by acquiring the carrot operations of Arizona-based Rousseau Farming. Bolthouse Fresh Foods’ CEO, Escamilla, emphasized the company’s commitment to delivering high-quality, nutrient-dense products to meet dynamic market demands.
Cornell of Generous Brands highlighted the transaction’s potential to drive innovation, new investments, and the acquisition of complementary brands to maximize the platform’s growth. Overall, the strategic realignment aims to position each business for success in the competitive food and beverage industry, catering to evolving consumer trends and preferences.
