M&A Deal Summary

Butterfly Equity and Northleaf Capital Partners Acquire Bolthouse Farms

On April 12, 2019, private equity firm Butterfly Equity and asset manager Northleaf Capital Partners acquired beverage company Bolthouse Farms from Campbell s for 510M USD

Acquisition Highlights
  • This is Butterfly Equity’s 1st and Northleaf Capital Partners’ 1st transaction in the Beverages sector.
  • This is Butterfly Equity’s and Northleaf Capital Partners’ largest (disclosed) transaction.
  • This is Butterfly Equity’s 2nd and Northleaf Capital Partners’ 6th transaction in the United States.
  • This is Butterfly Equity’s 1st and Northleaf Capital Partners’ 2nd transaction in California.

M&A Deal Summary

Date 2019-04-12
Target Bolthouse Farms
Sector Beverages
Buyer(s) Butterfly Equity
Northleaf Capital Partners
Sellers(s) Campbell s
Deal Type Divestiture
Deal Value 510M USD

Target

Bolthouse Farms

Bakersfield, California, United States
Bolthouse Farms is a vertically integrated carrot and premium beverage manufacturer and distributor serving a broad customer base, including traditional retail grocery stores, mass merchants, club stores, and the natural foods channel. Bolthouse Farms was founded in 1915 and is based in Bakersfield, California.

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Buyer(S) 2

Buyer

Butterfly Equity

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2016
PE ASSETS 4.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Butterfly Equity is a private equity firm focused on the food sector. The Firm will consider opportunities spanning the entire food chain include agriculture, aquaculture, food, beverages, food distribution, and food service. Butterfly Equity was formed in 2016 and is headquartered in Beverly Hills, California.


DEAL STATS #
Overall 3 of 9
Sector (Beverages) 1 of 1
Type (Divestiture) 1 of 1
State (California) 1 of 4
Country (United States) 2 of 8
Year (2019) 1 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-27 Modern Restaurant Concepts

Denver, Colorado, United States

Modern Restaurant Concepts is a farm-to-table fast casual restaurant company that operates restaurants and Maryland serving healthy, high-quality, sustainably-sourced, scratch-made fare at an attractive price point. Modern Restaurant Concepts is based in Denver, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-08 Orgain

Irvine, California, United States

Orgain is a producer of high-quality, great-tasting, organic and clean nutrition products. The company's products include meal replacement shakes, protein powders and snack bars for adults and kids. It uses only the highest quality ingredients, never at the cost of taste and texture. Orgain was founded in 2008 and is based in Irvine, California.

Buy -
Buyer

Northleaf Capital Partners

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 2009
PE ASSETS 22.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Northleaf Capital Partners is an asset management firm focused on private equity, private credit, and infrastructure investment opportunities. The Firm's private equity group looks to make fund, secondary, as well as direct investments. Within its direct investing practice, Northleaf will consider a variety of middle-market investment situations including growth capital financings, successions, consolidations, and other special situations. Northleaf Capital Partners was established in 2009 and is based in Toronto, Ontario.


DEAL STATS #
Overall 11 of 24
Sector (Beverages) 1 of 1
Type (Divestiture) 2 of 6
State (California) 2 of 3
Country (United States) 6 of 13
Year (2019) 2 of 5
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-01 Vault Data Centers

Tampa, Florida, United States

Vault Data Centers is a operator of data centers and platform of highly strategic data centers diversified by geography and counterparty. Vault Data Centers is based in Tampa, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-13 MSC

Canton, Michigan, United States

MSC produces advanced materials and specialty coated metals that are engineered to address lightweight, noise, vibration, and harshness (“NVH”), corrosion, architectural, and aesthetic needs for a wide variety of end markets including transportation, building products, packaging, and consumer goods. MSC was founded in 1951 and is based in Canton, Michigan.

Buy -

Seller(S) 1

SELLER

Campbell s

Camden, New Jersey, United States

Category Company
Founded 1869
Sector Food
Employees14,500
Revenue 9.4B USD (2023)
DESCRIPTION
Entrance to Campbell Soup Co.'s corporate headquarters in Camden, New Jersey.
Entrance to Campbell Soup Co.'s corporate headquarters in Camden, New Jersey.

Campbell's is an American producer of canned soups and related products. Campbell's products are sold in 120 countries around the world. Campbell's was incorporated in 1869 and is based in Camden, New Jersey.


DEAL STATS #
Overall 7 of 14
Sector (Beverages) 1 of 1
Type (Divestiture) 7 of 14
State (California) 3 of 3
Country (United States) 6 of 9
Year (2019) 2 of 6
Size (of disclosed) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-06 Habit

Oakland, California, United States

Habit LLC is a personalized nutrition company making optimal nutrition possible. Habit uses an at-home test to uncover details about genetics, lifestyle, metabolism, and goals to design a personalized eating plan.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-12 Kelsen Group A/S

Nr. Snede, Denmark

Kelsen Group A/S is a producer of quality baked snacks that are sold in 85 countries around the world. Kelsen Group A/S primary brands include Kjeldsens and Royal Dansk. Kelsen has established distribution networks in markets in Asia, South America, the Middle East, and Africa as well as the United States. Kelsen Group A/S is a market leader in the assortment segment of the sweet biscuits category in China and Hong Kong, where growth in sweet biscuits is outpacing the growth of the $60 billion global sweet biscuits market.

Sell $300M