Butterfly Completes $1 Billion Food-Focused Fund

butterfly

Butterfly, a Los Angeles-based private equity firm specializing in the food sector, closed its sophomore fund, with commitments of $1 billion.

A wide range of partners including institutional investors, family offices, entrepreneurs, and food investors participated in the raise.

Together with its previous fund and co-investments, Butterfly has nearly $4 billion of assets under management.

Launched in 2016 by Adam Waglay, a former KKR executive, and Dustin Beck, a former Vista Equity Partners and Riot Games executive, Butterfly invests in vital and innovative food companies spanning the entire value chain from “seed to fork.” The firm partners with founders and management teams to transform businesses and accelerate growth with highly specialized operational resources led by former KKR executive Derick Prelle, Partner and Head of Portfolio Operations at Butterfly.

The announcement comes after Butterfly signed a definitive agreement to acquire QDOBA from Apollo Global Management and merge it with its existing brands to form a leading fast casual restaurant platform in North America with nearly 800 restaurants. In addition, Butterfly and Bolthouse Farms (the No. 1 super premium refrigerated beverage brand and largest carrot supplier to North American retailers) announced the acquisition of Evolution Fresh from Starbucks earlier this month, accelerating Bolthouse’s leadership in the premium juice and refrigerated beverage categories in retail. Butterfly also sold a majority interest in Orgain, the U.S.’ leading plant-based functional nutrition platform, to Nestlé Health Science earlier this year.

Other investments include category leaders in the food sector, such as Chosen Foods (an industry leader and pioneer of avocado oil and creator of avocado-based kitchen staples), MaryRuth Organics (a leading and rapidly growing health and wellness brand operating in the vitamins, minerals, and supplements industry), Pete & Gerry’s Organic Eggs (the nation’s leading producer of organic, free-range and pasture-raised eggs), and Pacifico Aquaculture (the world’s only producer of ocean-raised striped bass).

FinSMEs

15/08/2022