Butterfly Equity has separated its portfolio company Bolthouse Farms into two standalone entities: Bolthouse Fresh Foods and Generous Brands.

Bolthouse Fresh Foods will carry on the legacy of Bolthouse Farms as a supplier of fresh carrots to retailers across North America, with nearly 700 million pounds of carrots sold annually. Generous Brands will encompass the fresh beverage and salad dressing businesses of Bolthouse Farms and Evolution Fresh. Butterfly acquired Bolthouse Farms from Campbell Soup Co. (NYSE: CPB) in a carveout transaction in 2019. Bolthouse Farms acquired Evolution Fresh from Starbucks in August 2022, uniting two beverage brands with complementary product offerings, channel penetration and consumer bases.

The debt recapitalizations were led by Bank of America and American AgCredit. Kirkland & Ellis advised Butterfly on legal matters in connection with the transaction.