Bank of America, Goldman Sachs and Credit Suisse First Boston are in the market with a $725 million deal backing Bolthouse Farms' acquisition by private equity group, Madison Dearborn Partners. The deal includes a six-year, $75 million revolver; a seven-year, $500 million term loan "B," and an eight-year, $150 million second lien. Pricing on the revolver and "B" loan is LIBOR plus 2 1/4% and pricing on the second lien is LIBOR plus 5%.
Bolthouse is a fourth generation family farm located in the San Joaquin Valley in California and is one of the world's largest suppliers of fresh cut carrots. Along with carrots it just developed a line of fruit and vegetable juices. The company employs over 2,400 individuals and ships over 35,000 tons of carrot products each month. Media reports say the two groups signed an agreement in October. Officials at both the company and private equity group did not return calls by press time.