Starbucks has signed a definitive agreement to divest its Evolution Fresh juice brand and business to Butterfly portfolio company, Bolthouse Farms.
Evolution Fresh is a California-based producer of primarily organic, cold-pressed juice and smoothie products.
Private equity firm Butterfly specialises in the food sector with a particular focus on high-growth, on-trend categories. Evolution Fresh will join Butterfly’s brand portfolio which includes Chosen Foods, MaryRuth Organics, Orgain, and Pete and Gerry’s Organics.
Hans Melotte, Starbucks executive vice president of global channel development, 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.”
He continued: “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 acquired Evolution Fresh in 2011 for $30 million. Starbucks stores within the US will continue to sell Evolution Fresh products.
The transaction, which is for an undisclosed amount, is expected to close later in 2022.
