.LOS ANGELES, May 7 2024 – Butterfly, a private equity firm based in Los Angeles, announced today the separation of Bolthouse Farms. They are separating Bolthouse Farms into two independent companies: Bolthouse Fresh Foods and Generous Brands. This strategic decision aims to foster faster growth by allowing each entity to focus on core strengths and market opportunities. Bolthouse Fresh will continue leading the fresh carrot industry. While Generous Brands will expand its premium fresh beverage and salad dressing lines.
Bolthouse Fresh Foods, a trusted name for over 100 years, dominates the fresh produce market by supplying nearly 700 million pounds of carrots. They are supplying these annually to retailers across North America. The new CEO of Bolthouse Fresh Foods, Timothy Escamilla has 30 years of experience at companies like Dole Fresh Vegetables and Ready Pac Foods. Now under his leadership Bolthouse plans to build on its legacy of excellence in fresh foods.
Escamilla stated, “Bolthouse Fresh remains committed to delivering high-quality, nutrient-dense products to meet today’s consumer demands.” He emphasized the company’s dedication to maintaining the high standards that have made Bolthouse Farms a household name.
Meanwhile, Generous Brands will focus on premium fresh beverages and salad dressings, bringing together powerhouse brands like Bolthouse Farms and Evolution Fresh. The acquisition of Evolution Fresh from Starbucks in August 2022 enhanced Bolthouse’s beverage offerings. And providing consumers with a broader range of fresh, high-quality products. With this expanded portfolio, Generous Brands is poised for growth in the premium fresh market.
Steve Cornell, the newly appointed CEO of Generous Brands, previously led Fresh, Beverages, and Desserts at The Kraft Heinz Company. Cornell aims to position Generous Brands as a leader in premium fresh beverages and salad dressings. “Generous Brands will deliver innovative products that meet the preferences of today’s health-conscious consumers,” he noted.
Since acquiring Bolthouse Farms from Campbell Soup Company in 2019, Butterfly has driven substantial growth, including a 30% revenue increase. Butterfly’s acquisition of Evolution Fresh strengthened Bolthouse’s position in the premium beverage market, paving the way for this separation.
Adam Waglay, Co-Founder and Co-CEO of Butterfly, said, “By separating Bolthouse Fresh Foods and Generous Brands, we are empowering each company to realize its full potential in their respective markets”. Both entities have undergone independent debt recapitalizations, providing the financial flexibility needed to pursue growth, invest in new capabilities, and explore strategic acquisitions.
Jeff Dunn, the former CEO of Bolthouse Farms, now serves as Executive Chairman for both Bolthouse Fresh and Generous Brands. His expertise in the fresh food and beverage industry will continue to guide both companies toward success.
As Bolthouse Fresh Foods strengthens its position in fresh produce and carrots. Generous Brands accelerates its premium fresh beverage and salad dressing offerings. Both companies are well-positioned to deliver exceptional value to customers, partners, and investors across North America.
