As part of an ongoing portfolio review and divestment strategy, Campbell Soup Company has sold its Bolthouse Farms brand to private equity firm Butterfly Equity for US $510 million.

The sale is expected to close by the end of fiscal 2019, completing Campbell’s planned divestment of its entire Campbell Fresh division.

Acquired by the company in 2012, the California-based Bolthouse Farms makes and sells organic beverages and smoothies, dressings and carrots.

In a press release, Campbell’s interim president and CEO said the sale “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.”

In August 2018, the CPG giant announced a board-led strategy and portfolio review that included offloading its Campbell Fresh and Campbell International businesses. The divestment strategy, the company said at the time, came after considering all options, including “splitting the company and pursuing a sale.”

Campbell sold its Garden Fresh Gourmet brand in February to Fountain of Health USA, a maker of hummus, dips, prepared salads and frozen desserts, for an undisclosed amount. Combined with Bolthouse, the sales are expected to help Campbell reduce its debt load by around US $570 million.

As of next year, Campbell plans to focus on growing the remaining brands in its portfolio including Cape Cod, Goldfish, Kettle Brand, Lance, Late July, Pace, Pacific, Pepperidge Farm Farmhouse and Milano cookies, Prego and Snyder’s of Hanover. It continues to work towards divesting its Campbell International business, which consists of Arnott’s and the Kelsen Group, before the end of fiscal 2019.

Jeff Dunn, a partner at Butterly, takes on the role of CEO at Bolthouse Farms, where he previously served in that capacity between 2008 and 2015.