Business

Campbell Soup nears $500M deal to sell Bolthouse Farms

Six months after it kicked off its auction to sell its Bolthouse Farms juice business, Campbell Soup is close to a sale for about $500 million, sources said.

Private equity firm Butterfly Equity has teamed with one-time Bolthouse Farms CEO Jeffrey Dunn to buy the Bolthouse brand, which sells juices, sources tell The Post — confirming a Wall Street Journal report.

Butterfly Equity was founded by former KKR principal Adam Waglay, and Dustin Beck, an entrepreneur.

Campbell started to sell its US fresh food assets six months ago as part of its successful campaign to win a proxy fight against shareholder activist Dan Loeb.

A Campbell spokeswoman told The Post in November there was “strong interest” in Bolthouse and its Garden Fresh Gourmet brands.

But a banker on Thursday said that the sale took longer than usual because potential buyers questioned Bolthouse’s $45 million in earnings that included many adjustments.

A Campbell spokeswoman declined comment.

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