April 12 (Reuters) - Campbell soup Co said on Friday it would sell its Bolthouse Farms business to an affiliate of private equity firm Butterfly Equity for $510 million, in the U.S. food company’s first major sale as part of its cost-cutting divestiture plan.
The company said the completion of the sale of Bolthouse Farms, part of Campbell’s fresh unit, is expected by the end of fiscal 2019.
Campbell will have divested its entire fresh division on completion of the deal, the company said.
The Wall Street Journal on Thursday had reported about the deal saying former Bolthouse Chief Executive Officer Jeff Dunn was working with Butterfly Equity to buy the unit.
Reporting by Uday Sampath in Bengaluru