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Butterfly announced the separation of Bolthouse Farms into Bolthouse Fresh Foods and Generous Brands, accelerating value creation and growth. Bolthouse Fresh Foods focuses on fresh carrot production, selling 700 million pounds annually, while Generous Brands specializes in premium fresh beverages. The separation facilitated by separate debt recapitalizations enables each business to have purpose-built strategies and leadership teams for accelerated growth. Butterfly's strategic initiatives drove topline growth exceeding 30% and the acquisition of Evolution Fresh from Starbucks in August 2022. Industry veterans were appointed as CEOs for both entities to lead them into their distinct growth trajectories.