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Campbell Closes Sale of Bolthouse Farms, Completing the Divestiture of Campbell Fresh Division

CAMDEN, N.J.–(BUSINESS WIRE)–Jun. 17, 2019–
Campbell Soup Company (NYSE: CPB) announced today it has closed
the sale of Bolthouse Farms to an affiliate of Butterfly Equity, a Los
Angeles-based private equity firm, for a purchase price of $510 million,
subject to customary adjustments.

The sale of Bolthouse Farms marks the completion of the divestiture of
the Campbell Fresh division. Campbell previously announced the sales of
Garden Fresh Gourmet and the company’s refrigerated soup business. Net
proceeds from the divestitures will be used to pay down debt.

The company will continue to report the Campbell Fresh segment as
discontinued operations when it announces fourth-quarter and full-year
fiscal 2019 earnings on Aug. 29, 2019.

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
Campbell’s current expectations about the impact of its future plans and
performance on Campbell’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 Campbell’s actual results to
vary materially from those anticipated or expressed in any
forward-looking statement are described in Campbell’s most recent Form
10-K and subsequent Securities and Exchange Commission filings, and
include Campbell’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; Campbell’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. Campbell 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
[email protected]

MEDIA CONTACT:
Thomas Hushen
(856)
342-5227
[email protected]