US: Campbell Soup Co chases down Bolthouse Farms -report
Campbell Soup Co already owns the V8 juice brand
Campbell Soup Co has placed a bid worth between US$1.5bn and US$2bn for vegetable-juice maker Bolthouse Farms, according to recent reports
The food-and-beverage firm is among a final group of bidders for Bolthouse, which wants to complete the sale in the next couple of weeks, according to a report from Bloomberg that was published on Tuesday (3 July). Private-equity firms including Blackstone Group are also in the hunt for the Madison Dearbon-owned company, the news service said, citing people close to the matter.
A spokesperson for Bolthouse told just-drinks earlier today that the company does not comment on rumour or speculation.
Campbell's beverage unit, which produces the V8 fruit and vegetable juice, saw its Q1 operating profits slide by 45% to US$30m. Sales dropped to $198m, a 3% decline on the corresponding period a year before.
An analyst told Bloomberg that Campbell may want to buy Bolthouse to lessen the dependence on its soup unit. He also said Bolthouse's products would fit well with the V8 brand.
Bolthouse makes a range of juices, smoothies, protein shakes and coffee mixes. It also sells salad dressing and fresh carrots.
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