Bolthouse Farms Finalizes the Acquisition of Evolution Fresh from Starbucks, Strengthening Leadership Position in the Juice and Refrigerated Beverage Categories. Bolthouse Farms aligns two powerhouse juice brands to propel Evolution Fresh forward and accelerate Bolthouse’s rapid growth trajectory
AUGUST 1, 2022 –Bolthouse Farms has closed its acquisition of Evolution Fresh from Starbucks (NASDAQ: SBUX). The acquisition includes the brand, business, and employees supporting Evolution Fresh. By uniting the two powerhouse brands, Bolthouse Farms looks to further accelerate the company’s leadership within the premium juice and refrigerated beverage categories in retail.
Through this acquisition, Bolthouse Farms will expand its beverage offering from nutrient-dense, plant-powered juices and smoothies to include the full lineup of Evolution Fresh’s primarily organic, cold-pressed, premium juices. Starbucks stores in the U.S. will continue to sell Evolution Fresh products.
“We are thrilled to welcome our colleagues from Evolution Fresh to the Bolthouse Farms family and look forward to working with them to drive the juice and refrigerated beverage categories forward,” said Bill Levisay, president, Consumer Brands, Bolthouse Farms. “As a combined company, we will share our resources, vertically-integrated supply chain, deep knowledge of fresh produce, and passion for ingenuity and innovation. Evolution Fresh produces deliciously fresh, cold-pressed juices that consumers are looking for. Our job now is to support their expertise and bring additional resources to the table to expand the brand’s reach.”
Bolthouse Farms is the No. 1 super premium refrigerated beverage brand and one of the largest carrot suppliers to North American retailers1. “Bolthouse has been on a rapid growth trajectory in the last few years, and this acquisition is an important step on the company’s growth journey, with more expected to come,” said Jeff Dunn, CEO of Bolthouse Farms. “This acquisition expands our portfolio in a way that meets the health and nutrition needs of more consumers than ever before”.
Bolthouse Farms is a portfolio company of Butterfly, a leading private equity firm that specializes in the food sector with a particular focus on high-growth, on-trend categories. Through Bolthouse Farms, Evolution Fresh joins Butterfly’s brand portfolio that includes the likes of Chosen Foods, MaryRuth Organics, Orgain, and Pete and Gerry’s Organics.
Terms of the transaction, which Starbucks and Bolthouse Farms announced on May 24, 2022, were not disclosed.
About Bolthouse Farms
For more than a century, Bolthouse Farms has been known as the innovation leader in growing and distributing carrots and high-quality, nutrient-dense branded products. Employing more than 2,200 people and headquartered in Bakersfield in California’s fertile San Joaquin Valley, Bolthouse Farms is one of the largest carrot growers and distributors in the U.S. and the No. 1 premium refrigerated beverage brand in U.S. retail.* Guided by its purpose — Ingenuity Grows Good — the company also produces and sells super-premium juices, smoothies, café beverages, protein shakes, functional beverages and premium refrigerated dressings, all under the Bolthouse Farms® brand name. Visit Bolthouse Farms or follow us on Instagram, Facebook and Twitter.
Butterfly Equity (“Butterfly”) is a Los Angeles, California-based private equity firm specializing in the food sector, spanning the entire food value chain from “seed to fork” via four target verticals: agriculture & aquaculture, food & beverage products, food distribution and foodservice. Butterfly aims to generate attractive investment returns through deep industry specialization, a unique approach to sourcing transactions, and leveraging an operations-focused and technology-driven approach to value creation. For additional information about Butterfly, please visit its website at www.bfly.com.
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*SOURCE: IRI MULO L52 weeks ending May 1, 2022
1SOURCE: IRI Total US MULO L52 weeks ending June 19, 2022