Starbucks to sell cold-pressed juice brand Evolution Fresh to Bolthouse Farms
Starbucks Coffee has agreed to sell the brand and business of Evolution Fresh to California-based refrigerated beverages producer Bolthouse Farms for an undisclosed price.
Evolution Fresh mainly produces organic, cold-pressed, premium juice products. By joining Bolthouse Farms, it is expected to get the scope to expedite its growth trajectory.
For Starbucks, the transaction enables it to channelize its efforts on expanding its core Starbucks business as well as its partner and customer experience.
Hans Melotte — Starbucks Global Channel Development executive vice president said: “Evolution Fresh has grown steadily over the last several years as a result of our partners’ hard work and commitment to the brand. We feel there is a great runway and opportunity to take Evolution Fresh to the next level, and Bolthouse Farms’ considerable experience and success in the premium beverage category will allow the brand to continue growing.
“Bolthouse Farms shares the same values and commitment to putting people first in everything they do, which affirms for us that we have found the right opportunity for Evolution Fresh.”
Starbucks to sell cold-pressed juice brand Evolution Fresh to Bolthouse Farms. Photo courtesy of kulmalukko/Wikipedia.org
Through the acquisition, Bolthouse Farms will enlarge its beverage offerings from nutrient-dense, plant-powered juices and smoothies to add a full lineup of mainly organic cold-pressed, premium juices. Bolthouse Farms is owned by private equity firm Butterfly Equity, which acquired it in 2019 for $510 million from Campbell Soup Company.
Starbucks said that its stores in the US will continue selling products of Evolution Fresh.
Jeff Dunn — Bolthouse Farms chairman and CEO said: “Evolution Fresh is a natural extension of the Bolthouse Farms portfolio and we look forward to welcoming the team.
“At Bolthouse Farms, with the support of Butterfly, we strive to ensure that the acres we grow and beverages we make have a positive impact on the land, on the people who make up our company, and on all people.
“By bringing Evolution Fresh into our portfolio, we will extend our spirit of ingenuity and innovation, sharing resources and passion for high-quality, nutrient-dense juices to pioneer solutions for today’s food system.”
The deal is likely to close later this year.