Butterfly Equity Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Butterfly Equity has acquired 4 companies.

Butterfly Equity’s most common sectors for investment arefood (37%) and beverages (28%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (37%) and going private (19%). In total, Butterfly Equity has invested in 4 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2024 when it acquired The Duckhorn Portfolio for $2.0B.

In the last 3 years, Butterfly Equity has exited 1 company. The Firm’s most common exit type is trade sale (100%).

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M&A Summary

  • M&A Total Activity12
    • M&A Buy Activity11
    • M&A Sell Activity1
  • Total Sectors Invested 5
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 5
  • M&A Advisors 4

Butterfly Equity

Butterfly Equity

9595 Wilshire Blvd,
Beverly Hills, California 90212
United States
(310) 409-4994
www.butterflyequity.com
info@butterflyequity.com

Butterfly Equity is a private equity firm focused on the food sector. The Firm will consider opportunities spanning the entire food chain include agriculture, aquaculture, food, beverages, food distribution, and food service. Butterfly Equity was formed in 2016 and is headquartered in Beverly Hills, California.


Investment Criteria

Sectors of Interest: Agriculture, Beverages, Business Services, Distribution, Food, Restaurants

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (1.4/yr) # 4 3 1 - 3 - 11
vol $510M $3.9B $4.4B
Sell (0.2/yr) # - - 1 - - - 1
  12

Most Recent M&A

Company Date Value Type
The Duckhorn Portfolio, Inc. 2024-12-24 2.0B USD Going Private
Saint Helena, California · www.duckhornportfolio.com
Duckhorn Wine Co., Inc. 2024-12-24 2.0B USD Going Private
Saint Helena, California · www.duckhorn.com
Rise Baking Co. 2024-09-17 - Secondary Buyout
Minneapolis, Minnesota · www.risebakingcompany.com
Milk Specialties Co. 2022-12-23 - Secondary Buyout
Eden Prairie, Minnesota · www.milkspecialties.com
Orgain, Inc. 2022-02-02 - Trade Sale
Irvine, California · www.orgain.com
Chosen Foods LLC 2021-09-07 - Growth Capital
San Diego, California · www.chosenfoods.com
MaryRuth Organics LLC 2021-08-05 - Growth Capital
Los Angeles, California · www.maryruthorganics.com
Pete and Gerry’s Organics LLC 2021-05-04 - Buyout (LBO, MBO, MBI)
Monroe, New Hampshire · www.peteandgerrys.com
Orgain, Inc. 2019-11-08 - Buyout (LBO, MBO, MBI)
Irvine, California · www.orgain.com
Bolthouse Farms, Inc. 2019-04-12 510M USD Divestiture
Bakersfield, California · www.bolthouse.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Pete and Gerry’s Organics LLC 2021-05-04 Pasture Brands Holdings LLC 2025-01-29 2
Monroe, New Hampshire · www.peteandgerrys.com Kalona, Iowa
Pete and Gerry’s Organics LLC 2021-05-04 Farmers Hen House LLC 2025-01-28 1
Monroe, New Hampshire · www.peteandgerrys.com Kalona, Iowa · www.farmershenhouse.com
Modern Restaurant Concepts 2018-02-27 Qdoba Restaurant Corp. 2022-08-09 2
Denver, Colorado · www.modern-restaurants.com San Diego, California · www.qdoba.com
Bolthouse Farms, Inc. 2019-04-12 Evolution Fresh, Inc. 2022-05-24 2
Bakersfield, California · www.bolthouse.com San Bernardino, California · www.evolutionfresh.com
Bolthouse Farms, Inc. 2019-04-12 Rousseau Farming Co.'s Carrot Operations 2020-03-25 1
Bakersfield, California · www.bolthouse.com , Arizona
Modern Restaurant Concepts 2018-02-27 Lemonade Restaurant Group LLC 2019-02-20 1
Denver, Colorado · www.modern-restaurants.com Los Angeles, California · www.lemonadela.com

M&A by Sector

Sector Current # Value All-time # Value
Food 3 (30%) - 4 (36%) -
Beverages 3 (30%) 2.5B (100%) 3 (27%) 2.5B (100%)
Agriculture 2 (20%) - 2 (18%) -
Medical Products 1 (10%) - 1 (9%) -
Restaurants 1 (10%) - 1 (9%) -
Total 10 $2.5B 11 $2.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 9 (90%) 2.5B (100%) 10 (91%) 2.5B (100%)
  California 5 (50%) 2.5B (100%) 6 (55%) 2.5B (100%)
  Minnesota 2 (20%) - 2 (18%) -
  New Hampshire 1 (10%) - 1 (9%) -
  Colorado 1 (10%) - 1 (9%) -
Mexico 1 (10%) - 1 (9%) -
Total 10 $2.5B 11 $2.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 3 (30%) - 4 (36%) -
Going Private 2 (20%) 2.0B (79%) 2 (18%) 2.0B (79%)
Growth Capital 2 (20%) - 2 (18%) -
Secondary Buyout 2 (20%) - 2 (18%) -
Divestiture 1 (10%) 510M (21%) 1 (9%) 510M (21%)
Total 10 $2.5B 11 $2.5B

Exits by Deal Type

Type Total # Value
Trade Sale 1 (100%) -
Total 1 -

Top M&A Advisors

Financial Deals
Lazard Middle Market
1
Legal Deals
Kirkland & Ellis
9
Gibson, Dunn & Crutcher
1
Simpson Thacher & Bartlett
1

Deal Values

buy # Total
> $1B 2 $3.9B
$100M to $1B 1 $510M
TOTAL $4.4B
Largest The Duckhorn Portfolio, Inc.
$2.0B (2024-12-24)

M&A Connections

Deals
Acquired from
Investor(s)
18%
2 (18%)
Strategic(s)
9%
1 (9%)
Exited to
Strategic(s)
100%
1 (100%)

FAQ

When was Butterfly Equity founded?

Butterfly Equity was founded in 2016.

What type of investor is Butterfly Equity?

Butterfly Equity is a private equity firm.

Where is Butterfly Equity headquartered?

Butterfly Equity is headquartered in Beverly Hills, California.

How much capital does Butterfly Equity have under management?

Butterfly Equity has 4.0B USD under management.

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