Butterfly Invests in Chosen Foods, a Leader in Avocado-Based Food Products

Butterfly, a Los Angeles-based private equity firm specializing in the food sector, today announced that it has reached an agreement to partner with Chosen Foods LLC (“Chosen Foods”), an industry leader and pioneer of avocado oil and creator of avocado-based kitchen staples including cooking sprays, mayonnaises, dressings, simmer sauces, guacamole, and salsa. Butterfly will own a majority stake in the business. Terms of the transaction were not disclosed.

Butterfly has significant experience in food, across agriculture, aquaculture, food and beverage products, food distribution, and foodservice and its leadership team has been involved in investing more than $10 billion of equity capital in companies ranging from growth-stage to Fortune 500 enterprises. Chosen Foods is Butterfly’s latest investment within its “seed to fork” strategy.

Headquartered in San Diego, Chosen Foods is an avocado-centric brand that brings sustainably sourced, high-quality avocado products to families nationwide. Chosen Foods’ flagship product is its refined avocado oil made from ripened avocados. With a neutral flavor and high smoke point, the versatile oil adds a bit of flavor to any dish, from high heat sauteing and flame grilling to dressing mixed greens and grains. In addition to avocado oil, Chosen Foods offers a wide variety of other high-quality, avocado-based products that consumers can feel good about purchasing. From dressings and marinades to mayonnaises, simmer sauces, guacamole, and salsa, Chosen Foods offers various ways for families to enjoy the beloved avocado fruit.

“We are thrilled to have partnered with the Butterfly team whose enthusiasm and vision for avocados truly matches our own. In getting to know them over many months, it was clear their approach, expertise and values align squarely with our aspirations for Chosen Foods. They share an affinity for the brand we love and our passion for avocado innovation.

“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.

“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,” said Butterfly Co-Founder Adam Waglay.

Butterfly Co-Founder Dustin Beck added: “Chosen Foods is a remarkable, mission-driven company that invites consumers to bring avocado products into their daily lives. They have built a supremely loyal and dedicated following through their commitment to high-quality and integrity of ingredients, and their brand has truly limitless potential to continue growing as the leaders in the avocado space.”

Butterfly was advised by Kirkland & Ellis LLP on legal matters in connection with the transaction. Chosen Foods was advised by Bank of America and Davis Polk & Wardwell LLP.

About Chosen Foods

Chosen Foods, an industry leader and pioneer of avocado oil and creator of avocado-inspired cooking sprays, mayonnaises, dressings, simmer sauces, guacamole, and salsa, was founded in 2011 by Carsten Hagen, George Todd and Sioma Waisburd with a mission to bring superfoods into our lives. From dressings and marinades to mayonnaises and oil sprays, the Southern California brand focuses on creating great-tasting and accessible products to elevate at-home cooking. All Chosen Foods products are non-GMO certified. Additionally, Chosen Foods builds collaborative partnerships with organizations that take a community-wide, sustainable approach to alleviate hunger. For additional information about Chosen Foods, please visit its website at www.chosenfoods.com.

About Butterfly

Butterfly Equity (“Butterfly”) is a Los Angeles, California-based private equity firm specializing in the food sector, spanning the entire food value chain from “seed to fork” via four target verticals: agriculture & aquaculture, food & beverage products, food distribution and foodservice. Butterfly aims to generate attractive investment returns through deep industry specialization, a unique approach to sourcing transactions, and leveraging an operations-focused and technology-driven approach to value creation. For additional information about Butterfly, please visit its website at www.butterflyequity.com.

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