Butterfly Acquires Nutrition Leader Milk Specialties Global

LOS ANGELES–(BUSINESS WIRE)–Butterfly, a Los Angeles-based personal fairness agency specializing within the meals sector, right now introduced its entry right into a definitive settlement to accumulate Milk Specialties Global (“Milk Specialties” or the “Company”), a frontrunner in human and animal diet, from associates of American Securities LLC.

Founded in 1949 and primarily based in Eden Prairie, MN, Milk Specialties is an industry-leading, vertically built-in ingredient producer targeted on the processing of uncooked dairy inputs, comparable to milk and liquid whey, into value-added purposeful elements for a wide range of rising diet finish markets. The Company’s Human Nutrition section is a number one efficiency diet producer that produces high-quality dairy protein elements and merchandise designed to optimize well being and diet. Today, Milk Specialties’ Human Nutrition section is the most important producer of whey protein isolate on the planet. The Company’s Animal Nutrition section is a number one supplier of science-based animal diet merchandise for the dairy {industry}.

Milk Specialties operates 12 state-of-the-art services strategically positioned throughout the U.S. that permit the Company to ship high-quality, specialised elements and distinctive service to clients across the globe. It has been led for over 14 years by CEO and {industry} veteran David Lenzmeier, who will proceed to steer the enterprise going ahead.

Milk Specialties is Butterfly’s newest funding inside its “seed to fork” technique spanning agriculture and aquaculture, meals and beverage merchandise, meals distribution, and foodservice. Butterfly brings specialised experience in efficiency diet because of its 2019 majority funding in Orgain, one of many fastest-growing shopper manufacturers within the diet {industry}. In 2022, Butterfly bought a majority stake in Orgain to Nestlé Health Science and continues to personal a minority stake.

“We are past excited to roll up our sleeves and get to work with the Butterfly workforce. Partnering with a food-focused agency like Butterfly, we are able to drive enhanced worth creation for all companions. We are actually trying ahead to what the longer term holds as a result of Butterfly will allow Milk Specialties to realize a brand new stage of development,” mentioned Milk Specialties’ CEO David Lenzmeier.

“We’ve admired Dave and workforce from afar for a few years and are excited to welcome them to the Butterfly household,” mentioned Butterfly Co-Founders and Co-CEOs Adam Waglay and Dustin Beck. “We’re assured that Milk Specialties’ {industry} management and best-in-class workforce, mixed with our experience within the house, will allow us to drive even better success for the enterprise going ahead. We cannot wait to see what we are able to accomplish collectively.”

“The Milk Specialties workforce has frequently pushed the envelope of high quality, service and innovation within the protein house, and we’re thrilled to hitch them in making high-quality, reasonably priced diet merchandise accessible to much more customers,” added Butterfly Managing Director Aaron Kirkbride.

Terms of the transaction weren’t disclosed. The transaction is predicted to shut in Q1 2023. Butterfly was suggested by Kirkland & Ellis LLP on authorized issues in reference to the transaction. Goldman Sachs & Co. LLC, Credit Suisse Securities (USA) LLC, and Rabo Securities USA, Inc. acted as monetary advisors to Milk Specialties and Arnold & Porter Kaye Scholer LLP served as authorized counsel.

About Milk Specialties Global

Milk Specialties Global is an industry-leading producer of dietary elements for the well being and wellness, efficiency diet and purposeful meals industries, with manufacturing services in WI, MN, NE, IL, ID and CA. The core of Milk Specialties’ enterprise is in high-percentage protein elements (whey protein concentrates, isolates and hydrolysates, in addition to milk protein concentrates, isolates and micellar casein), lactose and permeate in addition to worth added elements. Additional details about Milk Specialties, together with the advantages of its proprietary processing strategies, could be discovered on www.milkspecialties.com.

About Butterfly

Butterfly Equity (“Butterfly”) is a Los Angeles, California-based personal fairness agency specializing within the meals sector, spanning the whole meals worth chain from “seed to fork” through 4 goal verticals: agriculture and aquaculture, meals and beverage merchandise, meals distribution, and foodservice. Butterfly goals to generate enticing funding returns by way of deep {industry} specialization, a singular method to sourcing transactions, and leveraging an operations-focused and technology-driven method to worth creation. For extra details about Butterfly, please go to its web site at www.bfly.com.