Butterfly Equity
Butterfly Equity is a Los Angeles-based private equity firm founded in 2016 that invests exclusively in the food sector across production & inputs, business services, and branded food & beverage, managing approximately $4 billion in AUM across 13 portfolio companies spanning ingredients, packaging, restaurants, and consumer brands.
- Company typePrivate
- Founded2016
- HeadquartersBeverly Hills, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Butterfly Equity does
Butterfly Equity is a Los Angeles-based private equity firm founded in 2016 that invests exclusively across the food sector 'from seed to fork.' The firm pursues a sector-specialist thesis across three verticals — production & inputs (ingredients, manufacturing, packaging, equipment), business services (distribution, outsourced services, software/data), and branded food & beverage (packaged food, beverages, franchised restaurants) — and manages approximately $4 billion in assets under management across its flagship funds, co-investments, and a continuation vehicle.
Its 13 active portfolio companies span the full food value chain, including Rise Baking Company (bakery co-manufacturing, ~$2.5B EV with Platinum Equity), The Duckhorn Portfolio (luxury wine, $1.95B take-private), ePac Flexible Packaging (digital flexible packaging across 14 North American facilities), QDOBA (800+ fast-casual Mexican restaurants in five countries with ~$1.3B systemwide sales), Bolthouse Fresh Foods (~700M lbs of carrots annually), Generous Brands (Bolthouse Farms beverages, Evolution Fresh, Health-Ade, SAMBAZON), Actus Nutrition (largest whey protein isolate producer globally), Chosen Foods (#1 U.S. avocado oil brand), MaryRuth Organics, Pete & Gerry's Organics (#1 premium U.S. egg producer), Orgain, and Pacifico Aquaculture (world's first ocean-raised striped bass).
Butterfly's business model is conventional private equity: it charges ~1.5-2% annual management fees on committed capital, earns ~20% carried interest above the preferred return hurdle, and generates transaction/advisory fees on deal sourcing and execution. The firm sources deals through direct outreach, food-sector network relationships, industry advisors, and intermediaries, with a stated $100 million minimum check size and a focus on majority-stake, control-style buyouts. A dedicated Transformation Team — staffed with ex-KKR Capstone leadership and operators from McKinsey, BCG, Bain, Coca-Cola, Constellation Brands, and SuperValu — provides operational improvement and value-creation support to portfolio companies, differentiating Butterfly from generic financial-sponsor models through sector-specific operational depth.
Butterfly Equity firmographics
Firmographics- Name
- Butterfly Equity
- Legal name
- Butterfly Equity, LP
- Website
- https://www.bfly.com
- Company type
- Private
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Butterfly Equity is a Los Angeles-based private equity firm founded in 2016 that invests exclusively in the food sector across production & inputs, business services, and branded food & beverage, managing approximately $4 billion in AUM across 13 portfolio companies spanning ingredients, packaging, restaurants, and consumer brands.
- Ownership category
- akta.pro rank
Butterfly Equity industry classification
Industry- Product category
- Private Equity Investment Management
- NAICS
- Portfolio Management and Investment Advice (52394)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Consumer & Retail Growth Equity (FSANACAC)
Keywords
Where Butterfly Equity is headquartered
LocationHeadquarters
- HQ city
- Beverly Hills
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Butterfly Equity business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D
Revenue model
- Fund Management Fees: Traditional private equity management fees charged on committed capital under management, typically 1.5-2% annually
- Carried Interest / Performance Fees: Performance-based fees earned when investment returns exceed specified hurdle rates, typically 20% of profits above the preferred return
- Transaction/Advisory Fees: Fees generated from deal sourcing, structuring, and execution for portfolio company acquisitions and exits
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Butterfly Equity product offering
Product offeringCore offering
Butterfly Equity is a private equity firm that invests capital in food-sector companies across three verticals: production and inputs, business services, and branded food and beverage. The firm provides capital, operational expertise, and technology enablement to accelerate growth at its portfolio companies, typically taking majority stakes in transactions with a $100 million minimum investment threshold. Its portfolio transformation team collaborates with management teams to deliver long-term operational improvements and value creation.
Product overview
Butterfly Equity is a Los Angeles-based private equity firm offering investment management services in the food sector, operating a fund-of-funds and co-investment platform structure. The firm's product portfolio consists of a diversified set of portfolio companies spanning the food ecosystem 'from seed to fork': ePac Flexible Packaging (digital flexible packaging), The Duckhorn Portfolio (luxury wine), Rise Baking Company (bakery co-manufacturing), Actus Nutrition (dairy protein ingredients), Chosen Foods (avocado oil products), MaryRuth Organics (vitamins/supplements), Pete & Gerry's Organics (organic eggs), Orgain (clean nutrition products), Generous Brands (beverage platforms including Bolthouse Farms, Evolution Fresh, Health-Ade), Bolthouse Fresh Foods (carrot products), QDOBA (Mexican fast-casual restaurants), and Pacifico Aquaculture (sustainable striped bass). The firm manages approximately $4 billion in assets under management across its investment vehicles.
Differentiator
Problem solved
Functional benefit
Brands
- ePac Flexible Packaging: World's largest networked flexible packaging provider serving consumer-packaged goods brands with digitally printed flexible packaging solutions
- The Duckhorn Portfolio
- Rise Baking Company
- Actus Nutrition
- Chosen Foods
- Pete & Gerry's Organics
- Generous Brands
- Bolthouse Fresh Foods
- QDOBA
- Pacifico Aquaculture
- Butterfly Equity Foundation
Products and services
- ePac Flexible Packaging World's largest networked flexible packaging provider serving consumer-packaged goods brands, operating 14 facilities across the U.S. and Canada with proprietary digital printing technology and the ePacONE platform. Acquired by Butterfly in January 2026.
- The Duckhorn Portfolio North America's premier luxury wine company with eleven wineries, ten winemaking facilities, eight tasting rooms, and over 2,200 acres of vineyards spanning 38 Estate properties, offering luxury wines from $20 to $230. Acquired by Butterfly in December 2024.
- Rise Baking Company Leading bakery co-manufacturer headquartered in Minneapolis, Minnesota, servicing national retailers' in-store bakery departments and foodservice operators across North America with products including cookies, cakes, muffins, brownies, pies, icings, glazes, and bread. Jointly acquired by Butterfly Equity and Platinum Equity in 2024.
- Actus Nutrition Leading vertically integrated ingredient manufacturer founded in 1949, based in Eden Prairie, Minnesota, turning raw dairy inputs into functional ingredients for nutrition end-markets; largest producer of whey protein isolate in the world. Acquired by Butterfly in December 2022.
- Chosen Foods America's #1 Avocado Oil brand offering avocado oil-based products including oils, sprays, mayos, salad dressings, dip and drizzle sauces, and chocolate hazelnut spread. Acquired by Butterfly in September 2021.
- Pete & Gerry's Organics #1 premium egg producer in the U.S. by volume offering pasture raised, free range, and organic eggs under Pete & Gerry's Pasture Raised, Pete & Gerry's Organic, and Nellie's Free Range brands, and drinkable Greek yogurt under the Pillars brand. Acquired by Butterfly in May 2021.
- QDOBA Fast-casual Mexican restaurant with over 800 locations in the U.S., Canada, Puerto Rico, Japan, and South Korea, offering customizable burritos, bowls, tacos, quesadillas, nachos, and salads. Acquired by Butterfly in August 2022.
- Pacifico Aquaculture Leader in sustainable aquaculture based in Ensenada, Baja California, Mexico, producing premium striped bass; world's first and only producer of ocean-raised striped bass sold through distributors, retailers, and restaurants across North America.
- Bolthouse Fresh Foods
Quantifiable outcome
- Over $20 billion of equity capital invested in companies ranging from growth-stage to Fortune 500 enterprises
- +4 more outcomes
Companies that use Butterfly Equity
Customer profileNamed customers12 records
Segments2 records
Ideal customer profiles2 records
Butterfly Equity technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Butterfly Equity partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core and minor.
- Generous BrandscoreGenerous Brands is a Butterfly portfolio company dedicated to inspiring people to thrive through vibrant nutrition. It encompasses Bolthouse Farms, Evolution Fresh, Health-Ade kombucha, and a joint venture with SAMBAZON. The entity was created through Butterfly's transformation of Bolthouse Farms into two standalone companies in 2024.
- Farmers Hen HouseminorPete & Gerry's Organics, backed by Butterfly Equity, acquired Farmers Hen House, an egg company, as a strategic acquisition within the organic egg market to expand production capacity and distribution.
- Platinum EquitycorePlatinum Equity and Butterfly Equity jointly acquired Rise Baking Company in a transaction valued at approximately $2.5 billion, expected to close in Q4 2024. This represents a co-investment partnership between the two private equity firms.
Scale indicators9 records
Recent moves7 records
Expansion highlights6 records
Butterfly Equity competitors and assessment
Company assessmentBroad incumbents
- Apollo Global Management: Massive alternative asset manager that previously owned QDOBA before selling to Butterfly, and led the $527M continuation fund; comparable as a co-investor/buyer in the food sector, though not a dedicated food specialist.
- KKR: Global private equity firm where Butterfly's founders (Waglay, Patel, Tang, Prelle) previously worked in Consumer Retail and Capstone; relevant as the talent pipeline and thematic comparator, though KKR operates across all sectors at mega-scale.
Direct peers
- Swander Pace Capital: Private equity firm focused on consumer products companies, with significant food & beverage and household products holdings; similar mid-market consumer buyout strategy to Butterfly.
- TSG Consumer Partners: Consumer-focused growth equity and buyout investor with a long track record in branded food & beverage, supplements, and restaurant concepts; highly comparable to Butterfly's vertical focus and mid-market check size.
- Centre Partners: Middle-market private equity firm focused on consumer/retail and food & beverage investments; comparable in fund size and food-sector concentration to Butterfly.
- L Catterton: Largest consumer-focused private equity firm with deep food & beverage investing franchise and dedicated operating partner network; directly comparable to Butterfly's branded food & beverage and consumer-retail focus, with materially larger AUM.
- Brynwood Partners: Private equity firm specializing exclusively in the food and consumer products sectors, investing in branded food, ingredients, and related manufacturing businesses; the closest pure-play food-only peer to Butterfly.
- Roark Capital: Private equity firm focused on franchised restaurant and consumer brands; directly comparable to Butterfly's QDOBA and foodservice portfolio orientation and franchise-heavy strategy.
- Sun Capital Partners: Consumer-focused middle-market private equity firm with significant food & beverage holdings; comparable fund size, sector focus, and operational improvement approach to Butterfly.
Others
- Platinum Equity: Operations-focused private equity firm that co-acquired Rise Baking with Butterfly; comparable as a mid-market consumer/industrial buyout partner, though not food-specialized.
Market position
Strengths5 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Butterfly Equity social profiles
Digital presenceButterfly Equity financial estimates
Financial estimateRevenue estimate
Valuation estimate
Butterfly Equity leadership team
Management profileNumber of profiles
Profiles18 records
Butterfly Equity subsidiaries and ownership
Company hierarchySubsidiaries12 records
Butterfly Equity funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Butterfly Equity M&A and investment
M&A and investmentM&A12 records
Investments3 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Butterfly Equity
What does Butterfly Equity do?
Butterfly Equity is a private equity firm that invests capital in food-sector companies across three verticals: production and inputs, business services, and branded food and beverage. The firm provides capital, operational expertise, and technology enablement to accelerate growth at its portfolio companies, typically taking majority stakes in transactions with a $100 million minimum investment threshold. Its portfolio transformation team collaborates with management teams to deliver long-term operational improvements and value creation.
Is Butterfly Equity a public or private company?
Butterfly Equity is a private company. It is classified as private equity controlled and is currently operating.
When was Butterfly Equity founded?
Butterfly Equity was founded in 2016. It employs 11 to 50 people.
Where is Butterfly Equity based?
Butterfly Equity is headquartered in Beverly Hills, United States, in the North America region.
How does Butterfly Equity make money?
Three revenue lines are on record. Fund Management Fees are the primary driver. The others are carried Interest / Performance Fees and transaction/Advisory Fees.
Who are Butterfly Equity's main competitors?
Broad incumbents on record are Apollo Global Management and KKR. Direct peers are Swander Pace Capital, TSG Consumer Partners, Centre Partners, L Catterton, Brynwood Partners, Roark Capital and Sun Capital Partners. Platinum Equity is listed as an others.
Does Butterfly Equity have an API?
No public API is recorded for Butterfly Equity.
What industry is Butterfly Equity in?
Butterfly Equity's product category is Private Equity Investment Management. Its primary akta.pro industry code is FSANACAC, Consumer & Retail Growth Equity. Its NAICS code is 52394 and its SIC code is 6282.