©Pete and Gerry’s Organic Eggs
US private equity firm Butterfly has acquired a majority stake in Pete and Gerry’s Organics, a provider of organic eggs based in New Hampshire, for an undisclosed sum.
Pete and Gerry’s Organics produces organic, free-range and pasture-raised eggs under its Pete and Gerry’s Organics, Nellie’s Free Range and Consider Pastures brands.
The company is regarded as one of America’s leading egg brands, recording over $200 million in sales back in 2018, according to its site.
Based in New Hampshire with a second processing facility in Pennsylvania, the egg company partners with over 130 small family farms across the country. Pete and Gerry’s Organics claims it became the first Certified Humane egg producer in 2003 and the first egg producer in the world to achieve Certified B-Corporation status in 2013.
The acquisition marks Los Angeles-based Butterfly’s latest investment within its “seed to fork” approach and comes after the purchase of Orgain, a US producer of meal replacement shakes, protein powders and snack bars.
“We are thrilled to partner with Jesse and the Pete and Gerry’s team to help them bring healthy, delicious and humanely raised eggs to even more homes across the country. We believe the company’s future is incredibly bright as the market leader in the premium egg category,” said Butterfly co-founder, Adam Waglay.
Pete and Gerry’s CEO, Jesse Laflamme, said: “After growing a family business over several decades, Pete and Gerry’s has achieved a position in the market where we are poised to accelerate growth.
“The choice to bring Butterfly into our family business required careful consideration of the alignment of values, mission, and the intention to build and grow. After meeting with the Butterfly team it was obvious they were the most ideal partner for our business and for all our stakeholders, from family farmers to our customers and consumers.”
Following the transaction, Laflamme, will retain an ownership position. Meanwhile, British Columbia Investment Management Corporation will become a new minority investor in Pete and Gerry’s alongside Butterfly and Laflamme.
© FoodBev Media Ltd 2020
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