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Campbell Soup to Buy Bolthouse Farms

CAMDEN, N.J. — Campbell Soup Co. said Monday it has agreed to acquire Bolthouse Farms, a maker of health-focused refrigerated beverages, salad dressings and other products, for $1.55 billion in cash.

Bolthouse, based in Bakersfield, Calif., is currently owned by Madison Dearborn Partners, a private equity firm. The vertically integrated company had sales of $689 million for the fiscal year that ended March 31, and compound annual net sales growth of 7% from 2010 to 2012, Campbell said. It employs about 2,100 people.

Campbell said Bolthouse’s premium beverage business complements Campbell’s own V8 lines, which together will have annual sales of about $1.2 billion. In addition, Bolthouse’s fresh carrot business in the U.S. and Canada — which it offers through the Bolthouse Farms, Earthbound Farms and Green Giant brands, as well as private-label offerings — “will also provide an attractive opportunity for growth with value-added products in healthy snacking,” Campbell said.

Denise Morrison“Bolthouse is a great strategic fit with Campbell,” said Denise Morrison, Campbell’s president and chief executive officer. “Its business platforms, capabilities and culture are well aligned with the core growth strategies we announced last year. Its strong position in the high-growth packaged fresh category complements our chilled soup business in North America, and offers exciting opportunities for expansion into adjacent packaged fresh segments that respond directly to powerful consumer trends.”

Campbell said it plans to operate Bolthouse Farms as a separate business unit. Members of Bolthouse’s senior management team, including Jeff Dunn, president and CEO, will remain with the company. Dunn will report to Morrison.

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