Campbell paid $1.55 billion for Bolthouse Farms in 2012, when the brand had more than $100 million in earnings before interest, taxes, depreciation and amortization. It is now losing money.
Campbell Soup is nearing a deal to sell Bolthouse Farms to its former CEO for roughly half of what it paid for the carrot and juice company five years ago, a person familiar tells CNBC.
Campbell paid $1.55 billion for Bolthouse Farms in 2012, when the brand had more than $100 million in earnings before interest, taxes, depreciation and amortization. It is now losing money, CNBC has reported. The fresh food industry, though, proved to be a poor fit for Campbell. The industry requires expertise in agriculture that Campbell lacked. It is difficult as a public company to manage a fresh food business, which is subject to the whims of the weather, contrary to the predictability public investors demand. An ill-timed California drought further exacerbated Campbell's challenges with Bolthouse.
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