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Butterfly to acquire Milk Specialties Global

US-based private equity firm, Butterfly, has entered into a definitive agreement to acquire ingredient manufacturer Milk Specialties Global. Founded in 1949, Milk Specialties – which operates 12 facilities across the US – focuses on the processing of raw dairy inputs, such as milk and whey, into value-added functional ingredients for a range of growing nutrition end markets. Milk Specialties' human nutrition segment produces dairy protein ingredients and products designed to enhance health and wellness. Meanwhile, the company's animal nutrition unit provides science-based animal nutrition products for the dairy industry. “Partnering with a food-focused firm like Butterfly, we can drive enhanced value creation for all partners," said Milk Specialties CEO David Lenzmeier. "We are really looking forward to what the future holds because Butterfly will enable Milk Specialties to achieve a new level of growth." Butterfly's co-founders and co-CEOs, Adam Waglay and Dustin Beck, added: “We’re confident that Milk Specialties’ industry leadership and best-in-class team, combined with our expertise in the space, will enable us to drive even greater success for the business going forward”. Butterfly's managing director, Aaron Kirkbride, commented: “The Milk Specialties team has continually pushed the envelope of quality, service and innovation in the protein space, and we’re thrilled to join them in making high-quality, affordable nutrition products available to even more consumers”. The deal is expected to close in the first quarter of 2023. Terms of the transaction were not disclosed.

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