Campbell's to acquire Bolthouse Farms

CAMDEN, N.J. — Campbell's is expanding its business in the healthy beverage and packaged fresh foods businesses with the acquisition of Bolthouse Farms.

Campbell's said it would acquire Bolthouse Farms from a fund managed by private equity firm Madison Dearborn Partners for $1.55 billion in cash. The company said that it plans to operate Bolthouse Farms as a separate business unit, while members of Bolthouse's senior management team, including president and CEO Jeff Dunn, will remain with the company.

"Bolthouse is a great strategic fit with Campbell," Campbell's president and CEO Denise Morrison said. "Its business platforms, capabilities and culture are well aligned with the core growth strategies we announced last year. Its strong position in the high-growth packaged fresh category complements our chilled soup business in North America, and offers exciting opportunities for expansion into adjacent packaged fresh segments that respond directly to powerful consumer trends."

The closing of the transaction is subject to regulatory approvals and customary closing conditions and is expected to occur in late summer 2012.