Campbell Soup has completed the acquisition of Bolthouse Farms, a US-based food and beverage company, from private equity firm Madison Dearborn Partners in an all cash deal of $1.55bn.

The acquisition is a part of the company's strategy to strengthen its presence in the rapidly growing packaged fresh foods market.

Campbell funded the acquisition through a combination of short- and long-term borrowings.

Headquartered in Bakersfield, California, Bolthouse markets and sells beverages and dressings under the Bolthouse Farms brand, and its carrots under the Bolthouse Farms, Earthbound Farms and Green Giant brands. It also offers private label products.

It has leading market positions in fresh carrots and super-premium beverages in the US, along with a growing presence in refrigerated salad dressings.

Campbell president and chief executive officer Denise Morrison said that Bolthouse is a good strategic fit with Campbell's existing portfolio and growth strategies.

"Bolthouse Farms has exceptional employees and fantastic products. This gives Campbell one of the leading positions in both the fast-growing packaged fresh food market and in healthy beverages and provides us with an opportunity to expand into adjacent segments that leverage exciting consumer trends," Morrison added.

Campbell will operate Bolthouse as a separate business unit. Members of Bolthouse Farm's senior management team will continue to lead the business, with Jeff Dunn, president, Bolthouse Farms, reporting directly to Morrison.