News Flash

Butterfly to Acquire Premier North American Luxury Wine Company The Duckhorn Portfolio in $1.95 Billion Transaction

Transaction to Accelerate The Duckhorn Portfolio’s Leading Luxury Wine Portfolio and Continue Butterfly’s Strategy of Partnering with Leading Food and Beverage Companies.

Platinum Equity and Butterfly to Acquire Rise Baking Company

Global investment firm Platinum Equity and Butterfly, a Los Angeles-based private equity firm specializing in the food sector, today announced the acquisition of Rise Baking Company ("Rise").

Exclusive: PE firm Butterfly sells most of MaryRuth Organics stake to founder

Butterfly Closes Sale of Stake in MaryRuth Organics

Transaction represents a successful exit, resulting in significant equity value for the founder and Butterfly’s investors

Post Bolthouse split, Generous Brands aims to acquire

Butterfly Separates Bolthouse Farms’ Fresh Produce and Premium Fresh Beverage Businesses

Today, Butterfly announced the separation of its portfolio company Bolthouse Farms into two standalone entities: Bolthouse Fresh Foods and Generous Brands. Bolthouse Fresh Foods will carry on the century-old legacy of Bolthouse Farms as a leading supplier of fresh carrots to retailers across North America, with nearly 700 million pounds of carrots sold annually.

Butterfly Equity is splitting Bolthouse Farms into two standalone companies

The separation is being facilitated by way of separate debt recapitalizations of each business.

Butterfly Equity’s Qdoba Acquisition Wins Deal of the Year

Butterfly Equity principal Francesco D'Arcangelo has been involved in acquiring Qdoba twice, once from Jack in the Box and, more recently, from his former employer, Apollo Global Management.

Franchisors Revamp Restaurants to Meet Drive-thru Demand

After accelerating during the COVID-19 pandemic, the heavy use of restaurant drive-thrus and third-party delivery apps hasn’t waned.

“It’s more fun investing with a longer-term horizon” – Butterfly Equity joint-CEO Dustin Beck outlines strategy

Butterfly Equity has a “limitless” investment ceiling above the buy-out firm’s $100m minimum for the right opportunity in category leaders within food and beverages.

Introducing the New Faces of Finance 2024

QDOBA Completes Whole Business Securitization, Providing Additional Liquidity to Supercharge Growth

QDOBA Restaurant Corporation (“QDOBA”), the leading fast-casual Mexican restaurant franchisor and portfolio company of Butterfly Equity (“Butterfly”), today announced the closing of its inaugural $305 million whole business securitization through Qdoba Funding LLC.

Bloomberg Markets: The Close

On Friday, November 10, 2023, our very own Adam Waglay and Dustin Beck sat down with Romaine Bostick, CFA and Katie Greifeld to discuss investing in the food sector

Pacifico Aquaculture Receives Significant Investment to Support Nursery Build-Out and Sustainable Aquaculture Expansion

Pacifico Aquaculture (“Pacifico”), a leader in sustainable aquaculture, announced today that it has received project financing from Equilibrium Capital (“Equilibrium”), in addition to a significant equity investment from a consortium led by Butterfly Equity (“Butterfly”) and a leading U.S. public pension fund.

Butterfly Promotes Peter Tang to Chief Financial Officer

Butterfly, a Los Angeles-based private equity firm specializing in the food sector, today announced the promotion of Peter Tang to Chief Financial Officer (CFO) in addition to his current role as Managing Director.

Butterfly Expands Leadership with Vishal Patel Joining as Partner from KKR

Butterfly, a Los Angeles-based private equity firm specializing in the food sector, today announced that Vishal Patel will be joining the firm as Partner. He will help lead an already strong, focused investment team with deep food and private equity experience, as well as join the firm’s Investment Committee.

Chosen Foods Appoints Douglas MacFarlane as Chief Executive Officer

Chosen Foods, America’s #1 Avocado Oil, today announced that Douglas MacFarlane has joined the company as Chief Executive Officer (CEO), effective immediately.

Bloomberg Markets: The Close

Adam Waglay Co-Founder of food focused private equity firm, Butterfly Equity says the firm always asks big questions about access to water, where it comes from and how long the supply is set to last before making any moves. Waglay speaks with Romaine Bostick in Los Angeles. (Source: Bloomberg)

John Cywinski Named CEO of Modern Restaurant Concepts

Applebee’s President John Cywinski has been named CEO of Los Angeles-based Modern Restaurant Concepts, parent to the fast-casual Qdoba, Modern Market Eatery and Lemonade brands, the company announced Thursday.

Butterfly Acquires Nutrition Leader Milk Specialties Global

Butterfly, a Los Angeles-based private equity firm specializing in the food sector, today announced its entry into a definitive agreement to acquire Milk Specialties Global (“Milk Specialties” or the “Company”), a leader in human and animal nutrition, from affiliates of American Securities LLC.

Pete and Gerry's Appoints Tom Flocco as CEO

Pete and Gerry's Organics, LLC ("Pete and Gerry's"), the nation's leading producer of organic, free range and pasture-raised eggs, today announced that veteran consumer and food executive Tom Flocco has joined the company as CEO.

Butterfly Closes $1 Billion Food-Focused Fund, Approaching $4 Billion of Assets Under Management

Butterfly, a Los Angeles-based private equity firm specializing in the food sector, recently announced the closing of its sophomore fund. Nearly doubling in size from the previous vintage, the fund closed with commitments of $1 billion from a wide range of partners including institutional investors, family offices, entrepreneurs, and food investors. Together with its previous fund and co-investments, Butterfly has nearly $4 billion of assets under management.

Butterfly To Acquire QDOBA and Form Leading Fast Casual Restaurant Platform Through Merger with Modern Restaurant Concepts

Butterfly today announced entry into a definitive agreement with funds managed by affiliates of Apollo (the “Apollo Funds”) to acquire QDOBA, the No. 2 player and No. 1 franchisor in the Mexican fast casual restaurant sector in North America, via a merger transaction with Modern Restaurant Concepts (“MRC”), an industry-leading “better-for-you” fast casual restaurant platform consisting of two brands: Modern Market Eatery (“Modern Market”) and Lemonade.

Bolthouse Farms Finalizes the Acquisition of Evolution Fresh from Starbucks, Strengthening Leadership Position in the Juice and Refrigerated Beverage Categories

Bolthouse Farms has closed its acquisition of Evolution Fresh from Starbucks (NASDAQ: SBUX). The acquisition includes the brand, business, and employees supporting Evolution Fresh. By uniting the two powerhouse brands, Bolthouse Farms looks to further accelerate the company’s leadership within the premium juice and refrigerated beverage categories in retail.

Thought Leader Gary Vaynerchuk Joins MaryRuth Organics’ Board of Directors

MaryRuth Organics (“MaryRuth’s”), a leading digitally native health and wellness brand operating in the premium vitamins, minerals, and supplements (“VMS”) industry, today announced that entrepreneur Gary Vaynerchuk is joining the company as a member of its board of directors.

Bolthouse Farms Acquires Evolution Fresh From Starbucks

Bolthouse Farms, portfolio company of Butterfly, aligns powerhouse juice brands to propel Evolution Fresh forward; Starbucks to focus efforts on the growth of its core business.

Butterfly Announces Agreement to Sell Majority Stake in Orgain to Nestlé Health Science

Butterfly, a Los Angeles-based private equity firm specializing in the food sector, today announced that Nestlé Health Science has agreed to acquire a majority stake in its portfolio company Orgain, the U.S.’ leading plant-based functional nutrition platform. Butterfly and Dr. Andrew Abraham, Orgain’s Founder and CEO, will retain significant minority ownership positions in the company.

Butterfly Invests in Chosen Foods, a Leader in Avocado-Based Food Products

Butterfly, a Los Angeles-based private equity firm specializing in the food sector, today announced that it has reached an agreement to partner with Chosen Foods LLC (“Chosen Foods”), an industry leader and pioneer of avocado oil and creator of avocado-based kitchen staples including cooking sprays, mayonnaises, dressings, simmer sauces, guacamole, and salsa. Butterfly will own a majority stake in the business.

Butterfly Invests in MaryRuth Organics, a Premium Health Supplement Brand

Butterfly, a Los Angeles-based private equity firm specializing in the food sector, today announced that it has reached an agreement to partner with MaryRuth Organics, LLC (“MaryRuth’s”), a leading digitally native health and wellness brand operating in the premium vitamins, minerals, and supplements (“VMS”) industry.

Orgain Assembles Athlete Advisory Council With Top Names in Professional Sports

Orgain, the maker of high-quality doctor-developed clean nutrition products, has partnered with a group of strategic athlete investors to establish Orgain’s Athlete Advisory Council. Athletes on the council include Victor Oladipo (NBA, Miami Heat), Langston Galloway (NBA, Phoenix Suns), Thaddeus Young (NBA, Chicago Bulls), Byron Jones (NFL, Miami Dolphins), Joe Thomas (retired NFL), Mark Sanchez (retired NFL) and Desmond Howard (retired NFL). These elite athletes will work with Orgain to offer firsthand perspective and insight to enhance product innovation, functional benefits and ingredient selection and provide marketing support.

Pacifico Aquaculture Appoints Per-Roar Gjerde as CEO

Pacifico Aquaculture (“Pacifico”), a leader in sustainable aquaculture and the world’s first and only producer of ocean-raised striped bass, today announced that veteran aquaculture executive Per-Roar Gjerde will be joining the company as CEO, effective June 22, 2021. Mr. Gjerde brings an extensive background in the seafood industry, most recently serving in several senior executive positions at Mowi, one of the largest seafood companies in the world and the world’s largest producer of Atlantic salmon. He joins Pacifico Aquaculture at a watershed moment for the company that just received Fair Trade certification, the first fish farm in the Americas to achieve this distinction.

Butterfly Acquires a Majority Stake in Pete and Gerry's Organics

On May 4, 2021, Butterfly announced its acquisition of Pete and Gerry's Organics. Pete and Gerry's is the nation's leading producer of organic, free-range and pasture-raised eggs under the Pete and Gerry’s Organic®, Nellie’s Free Range® and Consider Pastures™ brands.

How the parent of Lemonade and Modern Market forged ahead with growth plans during the pandemic

The merger of fast-casual restaurant brands Modern Market Eatery and Lemonade was announced in early 2019, and then the COVID-19 pandemic hit just as the two chains were getting their joint footing. Rather than spending the year growing according to plan, the brands were just working together to move forward.

One CEO Dangles $500 Bonus for Workers to Get Covid-19 Vaccinations

California-based Bolthouse Farms has two goals these days: growing carrots and reaching Covid-19 herd immunity within its workforce.

The maker of juices and dressings is paying $500 to full-time hourly workers who get Covid-19 vaccines and is hosting inoculation events weekly at its main Bakersfield plant to deliver doses. Bolthouse executives meet multiple times a week to review how much of its staff has been vaccinated, how many people have been infected and other virus-related metrics.

Orgain Grows with New Plant-Based Nutrition Powder

Orgain's packaging is guided by sustainability and reducing environmental impact. With the recent introduction of Superfoods + Immunity Up! ™ to its expansive line of nutrition products, the brand has accelerated its positive growth over the last decade.

Bolthouse Farms Debuts New Line of Carrot "Swaps"

Taking a giant leap toward their long-term vision of Plants Powering People™, Bolthouse Farms today announced a new line of plant-powered products: Bolthouse Farms Wunderoots™, exciting new carrot-based "swaps" featuring Carrot Dogs, Carrot Fettuccine kits and Riced Carrot kits that provide consumers easy and delicious ways to eat more carrots. This launch follows the company's recent introduction of Bolthouse Farms Plant-Based Protein KETO™ beverage line and their Plant-Based Refrigerated Dressings.

The Top 25: Seafood Sustainability & Conservation

Off the shores of Baja, California, Pacifico Aquaculture is perfecting the process of producing ocean-raised striped bass with the highest-caliber credentials an operation can earn from the Global Aquaculture Alliance’s Best Aquaculture Practices program.

Orgain Continues To Expand Its Good, Clean Nutrition™ Products With The Launch Of Two New Offerings, Collagen Zero Protein Powder & Simple Organic Plant Protein Powder

Orgain, the maker of high-quality, food-based clean nutrition products, continues to raise the standards of clean with the launch of Collagen Zero Protein Powder and Simple Organic Plant Protein Powder. Like all Orgain products, these innovative new items deliver high quality ingredients, hand-selected for maximum nutrition, supporting inner health and outer glow.

The Butterfly Equity Foundation Provides Over 400,000 Meals Through the Los Angeles Regional Food Bank

In response to the Coronavirus crisis, the Butterfly Equity Foundation took action within the Los Angeles community, providing over 400,000 meals for those in need through the Los Angeles Regional Food Bank.

Bolthouse Farms Agrees To Acquire Carrot Operations of Rousseau Farming Company

Building on its 100 plus years of carrot farming heritage, Bolthouse Farms agreed to acquire Arizona-based Rousseau Farming Company's carrot operations. This move, part of Bolthouse Farms' long-term growth plans, further demonstrates its vision of "Plants Powering People" and its mission to feed and nourish people.

The New Bolthouse Farms Introduces Plant-Powered Product Innovations

Bringing to life its vision of Plants Powering People™, Bolthouse Farms will reveal an ambitious lineup of healthier and more functional products at Natural Products Expo West 2020. The portfolio of new Bolthouse Farms products includes three new beverage lines, as well as new flavors and line extensions for protein shakes, juices and dressings.

Pacifico Aquaculture Given National Award for Special Recognition By Whole Foods Market

Whole Foods Market awarded Pacifico Aquaculture the National Award for Special Recognition for always striving to provide a high-quality protein for all consumers to enjoy, while practicing and advancing stewardship of the land and ocean.

What Bolthouse Farms is Doing Now That It's Independent

The Bolthouse Farms gang is back together, and they're pumping out new product lines that embody the new company mission: Plants Powering People. Bolthouse Farms is returning to its core competencies: customer service, product quality and innovation.

Derick Prelle Joins Butterfly as Partner and Head of Portfolio Operations

Ex-Head of KKR Capstone Derick Prelle joins Butterfly Equity as Partner and Head of Portfolio Operations, bringing with him over 20 years of private equity operations and consulting experience at KKR Capstone and McKinsey & Co.

Tune In And Crunch Out With Carrots

The California carrot industry is kicking off a "Crunch Out" advertising campaign in Sacramento, CA, and Cincinnati, OH. The campaign is designed to reconnect consumers with carrots, an unprocessed snack that stimulates all five senses.

Modern Market Fights "Terrible" Food Syndrome

A 10-year journey to fine-tune Modern Market Eatery — including 30 corporate stores in five markets — has led to the launch of a franchise program. The brand aims to attract mission-focused franchisees that want for there to be "better food everywhere."

Orgain Sets Course for Rapid Innovation in Protein

Having steadily grown into a category leader over the course of nearly 11 years, organic protein drink and snack brand Orgain looks to "add fuel to the fire" on innovation following its acquisition by Butterfly.

Butterfly Reaches Agreement to Acquire Orgain

A Farmed Striped Bass Worth Roasting

Raised in the deep waters of the Pacific off northern Baja California, Pacifico's striped bass offers a level of flavor and succulence that rivals wild striped bass.

Lemonade is Conquering California. Is America Next?

Lemonade has grown throughout California, offering a bevy of quality, veggie-forward dishes that enable weekly, if not daily, consumption. It will be interesting to see how the brand evolves as it begins its national push.

Butterfly Completes Acquisition of Bolthouse Farms

On June 17, 2019, Butterfly closed on its previously announced acquisition of Bolthouse Farms from Campbell Soup Company for $510 million. Bolthouse Farms has leading market positions in fresh carrots and refrigerated premium beverages in the U.S., along with a strong and growing presence in refrigerated salad dressings.

Butterfly Acquires Bolthouse Farms

On April 12, 2019, Butterfly agreed to acquire Bolthouse Farms from Campbell Soup Company for $510 million. Bolthouse Farms has leading market positions in fresh carrots and refrigerated premium beverages in the U.S., along with a strong and growing presence in refrigerated salad dressings.

Lemonade Restaurant Group and Modern Market Eatery to Merge

Lemonade Restaurant Group and Modern Market Eatery merged to form Modern Restaurant Concepts, the nation's leading better-for-you restaurant platform.

Butterfly Acquires Modern Market

On February 27, 2018, Butterfly announced its acquisition of Modern Market. Based in Denver, CO, Modern Market is a farm-to-table fast casual restaurant company serving healthy, high quality, scratch-made fare at an attractive price point.

Butterfly Acquires Pacifico Aquaculture

On January 9, 2018, Butterfly announced its acquisition of Pacifico Aquaculture. Based in Baja California, Mexico, Pacifico is the world's first and only producer of ocean-raised striped bass.

Butterfly Invests Alongside KKR in Lemonade Restaurant Group

On June 8, 2016, Lemonade Restaurant Group announced that it had received a significant equity investment from Butterfly Equity, a Los Angeles-based private equity firm specializing in the food sector.