LOS ANGELES — Butterfly is separating portfolio company Bolthouse Farms into two standalone entities to accelerate growth via increased flexibility for investment in capabilities as well as acquisitions.

Bolthouse Farms now will operate as Bolthouse Fresh Foods and Generous Brands.

Bolthouse Fresh Foods will continue to supply fresh carrots while Generous Brands will focus on fresh beverage and salad dressing businesses of Bolt House Farms and Evolution Fresh.

Bolthouse Farms acquired Evolution Fresh from Starbucks Corp. in May 2022. The acquisition enabled Bolthouse Farms to expand its product line of beverages, dressings and fresh carrots into a new category, according to the company.

Butterfly acquired Bolthouse Farms from Campbell Soup Co. in June 2019 for $510 million. Campbell Soup acquired Bolthouse Farms from a fund managed by Madison Dearborn Partners for $1.55 billion in 2012.

“We’re incredibly excited to announce the separation of Bolthouse Farms into two distinct industry-leading platforms, which will further propel the growth of these businesses and their ability to outperform for customers throughout the world,” said Adam Waglay, co-founder and co-chief executive officer of Butterfly. “This separation was always part of our investment thesis, and we have recruited best-in-class leadership teams that are strategically aligned to each business so that Bolthouse Fresh Foods can focus on delivering high quality, fresh produce with excellent service and Generous Brands can become a strong, consumer-centric business with superior fresh beverage brands.”

Jeff Dunn, operating partner for Butterfly, has been elevated from chief executive officer to executive chairman of both companies.

Butterfly has brought in Timothy Escamilla and Steve Cornell to lead as the respective go-forward CEOs of the companies.

Escamilla will lead Bolthouse Fresh Foods. He joined Bolthouse Fresh Foods as CEO in May 2023.

He was previously president of Dole fresh vegetables. Escamilla has held leadership positions at such companies as Tanimura & Antle and Ready Pack Foods, Inc.

Cornell, previously president of fresh, beverages and desserts at The Kraft Heinz Co., will lead Generous Brands.

Cornell joined Generous Brands as CEO in January 2024.