Campbell Soup Co. is approaching a deal to sell its Bolthouse Farms brand, one of a clutch of assets the US giant put on the block last year.

A report in The Wall Street Journal claims an agreement between Campbell and Jeff Dunn, the former president of the soup maker’s fresh-foods business and who used to run Bolthouse Farms.

The WSJ says the two sides are nearing a deal for the unit worth about US$500m. Dunn is said to be working with private-equity firm Butterfly Equity to buy the business.

A Campbell spokesperson refused to be drawn on the report. “We don’t comment on rumour or speculation,” the spokesperson said.

In August, Campbell, facing pressure on sales and profits, announced it would sell its international division and its US fresh-food business as part of a review of its operations.

In February, Campbell signed an agreement to sell its Garden Fresh Gourmet to an affiliate of Fountain of Health USA for an undisclosed sum. Alongside the announcement of this disposal, Campbell said the processes to sell its international division and another part of the fresh-foods operations, Bolthouse Farms, were on-track and that it expected to name buyers by the end of July.

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By GlobalData

The week before, Campbell announced the sale of a refrigerated soup plant to an affiliate of local investment firm Joshua Green Corp. (JGC).

Last week, CNBC reported Campbell’s talks with Mondelez International on a deal for its international assets, including Arnott’s biscuits brand and the Denmark-based baked snacks business Kelsen Group, had stalled.