LOS ANGELES, CA - A shift in business strategy is taking place at Bolthouse Farms. Butterfly has announced the separation of its portfolio company into two standalone entities: Bolthouse Fresh Foods and Generous Brands. Bolthouse Fresh Foods will carry on the century-old legacy as a leading supplier of fresh carrots. Generous Brands will encompass the market-leading premium fresh beverage and salad dressing businesses.

"We’re incredibly excited to announce the separation of Bolthouse Farms into two distinct industry-leading platforms, which will further propel the growth of these businesses and their ability to outperform for customers throughout the world," said Adam Waglay, Co-Founder and Co-Chief Executive Officer of Butterfly. "This separation was always part of our investment thesis, and we have recruited best-in-class leadership teams which are strategically aligned to each business so that Bolthouse Fresh Foods can focus on delivering high-quality fresh produce with excellent service, and Generous Brands can become a strong, consumer-centric business with superior fresh beverage brands."

Butterfly acquired Bolthouse Farms from Campbell Soup Company in a carveout transaction in 2019. Butterfly has implemented numerous strategic initiatives that have driven topline growth in excess of 30 percent while re-establishing the company as a partner of choice to produce departments across North America.

This separation is being facilitated by way of separate debt recapitalizations of each business, enabling Bolthouse Fresh Foods and Generous Brands to continue onward as two separate companies with purpose-built strategies and leadership teams. Butterfly expects these transactions to enable increased flexibility for investment in capabilities as well as acquisitions, a press release stated.

"This separation is proof that the future of value creation within private equity is grounded in deep operational expertise and transformation through specialization, and we could not be more appreciative of the amount of work, creativity, and collaboration that went into this from all teams," said Jeff Dunn, who was promoted to Executive Chairman of Bolthouse Fresh Foods and Generous Brands and Operating Partner of Butterfly. "It's been amazing to watch the two entities develop their own unique cultures during the transition, and we are proud of the robust teams we have built across the companies."

Timothy Escamilla has been appointed Chief Executive Officer of Bolthouse Fresh Foods, while Steve Cornell has been appointed Chief Executive Officer of Generous Brands.

"Bolthouse Fresh Foods remains dedicated to nourishing people’s lives by providing high-quality, nutrient-dense products that continue to thrive in today’s dynamic marketplace," said Escamilla, who joined Bolthouse Fresh Foods as Chief Executive Officer in May 2023.

With 30 years in the produce industry, he brings experience across leading companies such as Dole, Tanimura & Antle, Ready Pac Foods, and more.

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