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Campbell and Affiliate of Butterfly Equity Sign Definitive Agreement for Sale of Bolthouse Farms for $510 Million

Bolthouse Farms Deal Marks the Divestiture of Entire Campbell Fresh
Division

CAMDEN, N.J.–(BUSINESS WIRE)–Apr. 12, 2019–
Campbell Soup Company (NYSE: CPB) announced today that it has
signed a definitive agreement for the sale of Bolthouse Farms to an
affiliate of Butterfly Equity, a Los Angeles-based private equity firm
specializing in the food sector, for $510 million, subject to customary
purchase price adjustments.

Upon the completion of the sale of Bolthouse Farms, which is expected by
the end of fiscal 2019, Campbell will have divested its entire Campbell
Fresh division. Campbell recently announced the sale of Garden Fresh
Gourmet and the company’s Everett, Washington, refrigerated soup plant.
In fiscal year 2018, Campbell Fresh recorded net sales of $970 million.
Proceeds from the divestiture of the Campbell Fresh businesses will
allow the company to reduce debt by approximately $570 million. The
transactions are not expected to impact the company’s fiscal 2019
guidance.

Mark Clouse, Campbell’s President and CEO, said, “The sale of Bolthouse
Farms supports our strategy to focus on our two core North American
businesses, Campbell Snacks and Campbell Meals and Beverages, where we
have iconic brands and strong market positions.”

Acquired by Campbell in August 2012, Bolthouse Farms is a leading
producer of organic beverages, dressings and carrots. Bolthouse Farms is
based in Bakersfield and Santa Monica, California, and operates
facilities in Hodgkins, Illinois, Wheatley, Ontario and Prosser,
Washington. The company has approximately 2,200 employees.

The transaction is subject to customary closing conditions. Campbell was
advised by Centerview Partners, Goldman Sachs and Weil, Gotshal & Manges
LLP.

As outlined in August 2018 as part of its Board-led strategy and
portfolio review, Campbell launched thorough divestiture processes for
both its Campbell Fresh and Campbell International businesses. The
process to divest Campbell International is ongoing.

About Campbell Soup Company

Campbell (NYSE:CPB) is driven and inspired by our Purpose, “Real food
that matters for life’s moments.” For generations, people have trusted
Campbell to provide authentic, flavorful and affordable snacks, soups
and simple meals, and beverages. Founded in 1869, Campbell has a
heritage of giving back and acting as a good steward of the planet’s
natural resources. The company is a member of the Standard and Poor’s
500 and the Dow Jones Sustainability Indexes. For more information,
visit www.campbellsoupcompany.com
or follow company news on Twitter via @CampbellSoupCo.
To learn more about how we make our food and the choices behind the
ingredients we use, visit www.whatsinmyfood.com.

About Butterfly Equity

Butterfly Equity (“Butterfly”) is a Los Angeles, California based
private equity firm specializing in the food sector, spanning the entire
food value chain from “seed to fork” via four target verticals:
agriculture & aquaculture, food & beverage products, food distribution
and foodservice. Butterfly aims to generate attractive investment
returns through deep industry specialization, a unique approach to
sourcing transactions, and leveraging an operations-focused and
technology-driven approach to value creation. For additional information
about Butterfly, please visit its website at www.butterflyequity.com.

Forward-Looking Statements

This release contains “forward-looking statements” that reflect the
Company’s current expectations about the impact of its future plans and
performance on the Company’s business or financial results. These
forward-looking statements rely on a number of assumptions and estimates
that could be inaccurate and which are subject to risks and
uncertainties. The factors that could cause the Company’s actual results
to vary materially from those anticipated or expressed in any
forward-looking statement are described in the Company’s most recent
Form 10-K and subsequent Securities and Exchange Commission filings, and
include the Company’s ability to execute on and realize the expected
benefits from the actions it intends to take as a result of its recent
strategy and portfolio review; the ability to differentiate its products
and protect its category leading positions, especially in soup; the
ability to complete and to realize the projected benefits of planned
divestitures and other business portfolio changes; the Company’s
indebtedness and ability to pay such indebtedness; and changes in
currency exchange rates, tax rates, interest rates, debt and equity
markets, inflation rates, economic conditions, law, regulation and other
external factors. The Company disclaims any obligation or intent to
update the forward-looking statements to reflect events or circumstances
after the date of this release.

Source: Campbell Soup Company

INVESTOR CONTACT:
Ken Gosnell
(856)
342-6081
Ken_Gosnell@campbellsoup.com

MEDIA CONTACT:
Thomas Hushen
(856)
342-5227
Thomas_Hushen@campbellsoup.com