LOS ANGELES — Butterfly, a Los Angeles-based mostly non-public fairness business, has attained an arrangement less than which it will acquire Milk Specialties Global, a vertically integrated producer of dairy products. Butterfly, which focuses on the food company, is attaining Milk Specialties from American Securities LLC, a private equity business that has owned the dairy company considering the fact that August 2016.
A human and animal nutrition company, Milk Specialties Global’s human nourishment enterprise is a manufacturer of whey and milk protein ingredients utilized largely in the sporting activities diet and practical foods finish markets. In accordance to Butterfly, Milk Specialties is the greatest producer of whey protein isolate in the globe. Other products the business makes for human nourishment include things like whey protein concentrates, hydrolysates, milk protein concentrates, isolates and micellar casein, lactose and permeate.
Its animal nutrition company provides items for the dairy sector.
Milk Specialties was recognized in 1949 and is based in Eden Prairie, Minn. The business operates 12 generation amenities distribute throughout the states of Wisconsin, Minnesota, Nebraska, Illinois, Idaho and California.
Its goods are utilized in a large wide variety of stop merchandise, which includes bars confectionery frozen desserts drinks extruded and texturized solutions fermented dairy goods baked foods and cheese and soups, sauces and dressings.
The company has been led for the earlier 14 many years by David Lenzmeier as chief govt officer. He will go on in that purpose below the new ownership, Butterfly explained.
“We’re self-assured that Milk Specialties’ market management and most effective-in-class workforce, put together with our knowledge in the area, will enable us to push even bigger results for the company going forward,” explained Butterfly co-founders and co-CEOs Adam Waglay and Dustin Beck. “We just cannot hold out to see what we can execute together.”
Recognized in 2016, Butterfly’s portfolio firms incorporate Selected Foods, MaryRuth Organics, Pete and Gerry’s Organics, Orgain, Bolthouse Farms, Pacifico Aquaculture and Fashionable Restaurant Ideas. To day, Butterfly has invested additional than $10 billion of fairness cash.
Terms of the transaction, which is anticipated to close in the 1st quarter of 2023, were not disclosed.
Goldman Sachs & Co. LLC, Credit Suisse Securities (United states) LLC, and Rabo Securities United states, Inc. acted as economical advisers to Milk Specialties.