Butterfly Equity

• Butterfly Equity Acquires Sabert Holding Corp

  September 22, 2026

  Buyer

  Butterfly Equity, KKR Capital Markets

  Target

  Sabert Holding Corp, Sabert

  Seller

  Albert Salama

  Industry

  Packaging

  Location

  New Jersey, United States

  Type

  Buyout

  Butterfly Equity entered into a definitive agreement to acquire Sabert Holding Corp., a global manufacturer of innovative and sustainable food packaging solutions. The transaction terms were not disclosed and is expected to close in Q4 2026, subject to customary conditions, with founder Albert Salama remaining a minority investor via rollover.

• Butterfly Equity and Graham Partners Invest in Custom Flavors

  July 22, 2026

  Buyer

  Butterfly Equity, Graham Partners LP

  Target

  Custom Flavors

  Industry

  Food & Beverage

  Location

  California, United States

  Type

  Growth capital

  Butterfly Equity and Graham Partners LP invested in flavor maker Custom Flavors. The company, based in San Clemente, California, said it will retain CEO Alex Wendling and continue expanding capacity, facilities, and team with support from the new investors.

• Butterfly Equity Acquires ePac Flexible Packaging

  January 16, 2026

  Buyer

  Butterfly Equity

  Target

  ePac Holdings

  Seller

  Amcor, Indevco North America, Investor consortium

  Industry

  Manufacturing

  Location

  California, United States

  Type

  Buyout

  Butterfly Equity has completed its acquisition of ePac Holdings, the San Diego–headquartered digitally printed flexible packaging provider, from an investor consortium that included Amcor and Indevco North America; financial terms were not disclosed. The deal establishes ePac as Butterfly’s first platform investment in packaging and keeps incumbent management (including CEO and co‑founder Virag Patel) in place with a significant retained ownership stake as Butterfly backs ePac’s growth across its 14 North American facilities and its proprietary ePacONE technology.

• Generous Brands Acquires Health-Ade Kombucha from First Bev and Manna Tree

  August 5, 2025

  Buyer

  Generous Brands, Butterfly

  Target

  Health-Ade

  Seller

  First Bev, Manna Tree Partners

  Industry

  Food & Beverage

  Location

  California, United States

  Type

  Addon

  Generous Brands, a premium refrigerated beverage platform backed by Butterfly, signed a definitive agreement to acquire Health-Ade, a fast-growing kombucha brand. The deal was completed in 2024 by acquiring the business from private equity firms First Bev and Manna Tree Partners, which continue as minority shareholders in Generous Brands.

• Pete & Gerry's Organics Acquires Pasture Brands from Benford Capital Partners

  January 9, 2025

  Buyer

  Pete & Gerry's Organics, LLC, Butterfly Equity

  Target

  Pasture Brands Holdings, Farmers Hen House, Pillars Yogurt

  Seller

  Benford Capital Partners

  Industry

  Food & Beverage

  Location

  Iowa, United States

  Type

  Addon

  Pete & Gerry's Organics (the Butterfly Equity-backed egg platform) has acquired Pasture Brands Holdings — the holding company for Farmers Hen House and Pillars Yogurt — from Benford Capital Partners. The transaction (closed January 9, 2025) expands Pete & Gerry's branded specialty egg and dairy portfolio and continues consolidation in natural/conventional grocery and club channels.

• Butterfly Equity Acquires The Duckhorn Portfolio for $1.95 Billion

  October 7, 2024

  Buyer

  Butterfly Equity

  Target

  The Duckhorn Portfolio (Duckhorn)

  Industry

  Food & Beverage

  Location

  California, United States

  Type

  Buyout

  The Duckhorn Portfolio, North America’s luxury wine company, entered into a definitive agreement to be acquired by private equity firm Butterfly Equity in an all-cash transaction valuing the company at approximately $1.95 billion. Duckhorn shareholders will receive $11.10 per share, and Duckhorn is expected to become privately held after closing (expected this winter, subject to approvals).

• Platinum Equity and Butterfly to Acquire Rise Baking Company

  September 18, 2024

  Buyer

  Platinum Equity, Butterfly

  Target

  Rise Baking Company

  Seller

  Olympus Partners

  Industry

  Food & Beverage

  Location

  Minnesota, United States

  Type

  Buyout

  Platinum Equity and Butterfly have announced the acquisition of Rise Baking Company, a Minneapolis-based North American bakery manufacturer. The firms will be equal partners and Rise will continue operating under its current management team led by CEO Brian Zellmer. The deal is expected to close in Q4 2024, and financial terms were not disclosed.

• Equilibrium and Butterfly-Led Consortium Invest in Pacifico Aquaculture to Fund Nursery Build-Out

  November 1, 2023

  Buyer

  Equilibrium Capital, Butterfly Equity, Leading U.S. public pension fund

  Target

  Pacifico Aquaculture

  Industry

  Food & Beverage

  Location

  Baja California, Mexico

  Type

  Growth capital

  Pacifico Aquaculture received project financing from Equilibrium Capital and a significant equity investment from a consortium led by Butterfly Equity alongside a leading U.S. public pension fund. The financing will fully fund a state-of-the-art nursery in Baja California and provide runway to scale Pacifico's ocean-raised striped bass production toward an additional 20,000 metric tons of annual capacity.

• Butterfly Equity Acquires Milk Specialties Global from American Securities

  December 23, 2022

  Buyer

  Butterfly Equity

  Target

  Milk Specialties Global

  Seller

  American Securities LLC (affiliates)

  Industry

  Food & Beverage

  Location

  Minnesota, United States

  Type

  Buyout

  Butterfly, a Los Angeles-based private equity firm focused on the food sector, has entered into a definitive agreement to acquire Milk Specialties Global, a vertically integrated manufacturer of dairy-based human and animal nutrition ingredients, from affiliates of American Securities. The transaction, terms undisclosed, is expected to close in Q1 2023 and the Milk Specialties leadership team, led by CEO David Lenzmeier, will remain in place.

• Butterfly Equity Acquires QDOBA and Merges It into Modern Restaurant Concepts

  August 9, 2022

  Buyer

  Butterfly Equity, King Street Capital Management

  Target

  QDOBA Mexican Eats

  Seller

  Apollo Global Management

  Industry

  Restaurants & Hospitality

  Location

  California, United States

  Type

  Addon

  Butterfly Equity agreed to acquire QDOBA from funds managed by Apollo and merge the brand into Modern Restaurant Concepts (which includes Modern Market Eatery and Lemonade), creating a leading fast-casual restaurant platform of roughly 800 units. King Street Capital Management is investing alongside Butterfly; the transaction aims to accelerate franchising, system growth and catering expansion across the combined platform. Terms were not disclosed.

• Bolthouse Farms Acquires Evolution Fresh from Starbucks

  August 1, 2022

  Buyer

  Bolthouse Farms, Butterfly Equity

  Target

  Evolution Fresh

  Seller

  Starbucks

  Industry

  Food & Beverage

  Location

  California, United States

  Type

  Addon

  Bolthouse Farms, a portfolio company of Butterfly Equity, has acquired the Evolution Fresh brand, business, and supporting employees from Starbucks. The acquisition expands Bolthouse Farms' premium refrigerated beverage portfolio and will allow Evolution Fresh to accelerate growth while Starbucks focuses on its core business.

• Butterfly Equity Acquires Majority Stake in Chosen Foods

  September 7, 2021

  Buyer

  Butterfly Equity

  Target

  Chosen Foods

  Industry

  Food & Beverage

  Location

  California, United States

  Type

  Buyout

  Los Angeles-based private equity firm Butterfly Equity has agreed to acquire a majority stake in San Diego-based avocado-focused food brand Chosen Foods. The investment will support Chosen Foods' global growth and expansion of its avocado-based product portfolio; transaction terms were not disclosed.

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