Camden, NJ—Campbell Soup has launched the sale of Bolthouse Farms and Garden Fresh Gourmet, as well as other businesses in the fresh food sector, according to CNBC.
CNBC reported that Campbell is selling other fresh food investments as well, due to the fact that the fresh food industry requires expertise in agriculture that Campbell does not have.
Campbell is divesting its international portfolio and fresh food businesses in the hopes of reducing its debt and focusing on its core North American market, according to Reuters.
Reuters reported that Kraft Heinz and Mondelez will be allowed to participate in this round of auctions.
CNBC reported that Jeffrey Dunn, former CEO of Bolthouse Farms, is eyeing the business and talking to private equity funds to help raise money for the bid. CNBC also said that Jack Aronson, one of Garden Fresh’s co-founders, is interested in buying the business back.
Thomas Hushen, a spokesperson for Campbell, told CNBC that “Bolthouse Farms and Garden Fresh Gourmet are attractive businesses with strong brands, and we’re pleased with the high level of interest in each from both strategic and financial buyers.”