Reports: Campbell in Talks to Sell Fresh Unit to Investors Led by Former Bolthouse CEO Jeff Dunn
CAMDEN, NJ - After announcing plans to explore a sale of its fresh food businesses earlier this year, Campbell Soup Company is reportedly in negotiations to sell that unit—including Bolthouse Farms and Garden Fresh Gourmet—to a group of investors led by former Bolthouse CEO Jeff Dunn.
According to a Wall Street Journal report, a group of investors led by Dunn—who, six years ago, helped a private-equity firm sell Bolthouse to Campbell for $1.55 billion—is now seeking to reacquire the brand, among Campbell’s other fresh food ventures.
According to the WSJ, Campbell’s fresh food unit has been “plagued by supply issues.” Campbell has reported set an initial price of $1 billion—but the Journal’s sources report that it could sell for somewhere between $500 and $700 million.
Dunn had previously served as the President of Campbell’s fresh food unit and is still involved in the company's venture capital fund, Acre Venture Partners.
Campbell is currently embroiled in a proxy fight against activist investor Third Point LLC, as reported by our sister publication Deli Market News, with Third Point advocating for an all out sale of Campbell and an outright replacement of its Board.
Will Campbell sell its fresh food businesses to Dunn and fellow investors? AndNowUKnow will continue to report with updates.
