Butterfly announced the separation of its portfolio company Bolthouse Farms into two standalone entities: Bolthouse Fresh Foods and Generous Brands. Bolthouse Fresh Foods will carry on the century-old legacy of Bolthouse Farms as a leading supplier of fresh carrots to retailers across North America, with nearly 700 million pounds of carrots sold annually. Generous Brands will encompass the market-leading premium fresh beverage and salad dressing businesses of Bolthouse Farms and Evolution Fresh.

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% while re-establishing the company as a partner of choice to produce departments across North America. Bolthouse Farms also acquired Evolution Fresh from Starbucks in August 2022, uniting two powerhouse beverage brands with complementary product offerings, channel penetration and consumer bases.

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 accelerated growth via increased flexibility for investment in capabilities as well as acquisitions.

Butterfly operating partner Jeff Dunn has been promoted from CEO to executive chairman of both companies, while two veteran food industry executives were brought in to serve as the respective go-forward CEOs of the companies. Timothy Escamilla, former president of Dole Fresh Vegetables, has been appointed CEO of Bolthouse Fresh Foods, while Steve Cornell, former president of fresh, beverages and desserts at The Kraft Heinz Company, has been appointed CEO of Generous Brands.