Anthony Sanzio, a Campbell’s spokesman, said July 9 that the soup giant plans to introduce fresh packaged products such as dips and salsa, and the Bolthouse name will help them in those efforts.
“One thing that made Bolthouse so attractive to Campbell’s is their strong branded presence in the fresh produce department,” Sanzio said. “We envision that helping us with new products in the fresh packaged sector.”
Reuter’s news service reported the bidding process was competitive, with rival bidders including private equity companies Blackstone Group LLP and Ares Private Equity Group, as well as Earthbound Farm, San Juan Batista, Calif. Officials at Earthbound Farm did not respond to calls for comment.
Dunn said he could not comment on who the other bidders were, but he did confirm that Campbell’s was not the only interested party.
Morrison said Campbell’s expects the deal to close in late summer. Multiple financial media outlets reported that for the fiscal year ending March 31, Bolthouse had sales of $689 million and earnings of $92 million before interest and taxes.
Bolthouse was founded in 1915 when the Bolthouse family began commercial vegetable growing in Michigan. The company has 2,100 employees.