Campbell to Sell Bolthouse Farms and Garden Fresh Gourmet
The company made the annoucement on August 30, a day before a deadline it gave earlier this year to assess its business strategies in the midst of weakening sales. Its CEO left the company in May 2018 after Campbell reported sales at only a third of the previous sales (from $887 million to $261 million).
Several news outlets reported an “activist investor” was maneuvering to force Campbell to sell its entire company. A hedge fund is reportedly rallying major stockholders to force a vote to sell, although two of the largest stockholders, descendants of the company founder, are not interested in selling the 149-year-old company.
The internal assessment of the company strategy and direction was announced amidst the maneuverings. That assessment was due to wrap up on August 31, the NY Post reports.
Bolthouse Farms and Garden Fresh Gourmet are currently within the Campbell Fresh division. Campbell hired Goldman Sachs and Centerview Partners to sell both Campbell Fresh and Campbell International, Fortune magazine reports. The two divisions jointly earned $2.1 billion in fiscal 2018.