Los Angeles-based private equity firm Butterfly has reached an agreement to acquire a majority stake in Chosen Foods, a producer of avocado oil and avocado-based kitchen staples.
Located in San Diego, Chosen Foods makes avocado-based products, including cooking sprays, dressings, marinades, mayonnaise, simmer sauces, guacamole and salsa.
According to the statement, Chosen Foods is part of Butterfly’s latest investment within its ‘seed to fork’ strategy. Butterfly has already invested more than $10 billion in equity capital companies.
“This partnership brings unprecedented opportunity to grow globally and expand our impact on consumers’ health through delicious, nourishing avocado products. We can’t wait to collaborate on our shared avocado obsession and the next chapter of Chosen Foods,” said Chosen Foods’ CEO, Gabriel Perez Krieb.
Butterfly’s co-founder, Adam Waglay, added: “After several years of tracking the avocado industry, we have finally found the perfect partner. Chosen Foods is a leader in not only avocado oil, but all avocado-based cooking and food products. The company is well-positioned and has great supply partners, who will be able to provide a consistent supply of high-quality avocado oil to meet the ever-growing consumer demand”.
Earlier this year, Butterfly bought a majority stake in organic eggs provider Pete and Gerry’s Organics. Meanwhile, in 2019, Butterfly acquired Bolthouse Farms from Campbell Soup for $510 million.
Terms of the deal have not been disclosed.
© FoodBev Media Ltd 2021
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