LOS ANGELES–(BUSINESS WIRE)–Butterfly, a Los Angeles-based non-public fairness agency specializing within the meals sector, at the moment introduced that Nestlé Well being Science has agreed to accumulate a majority stake in its portfolio firm Orgain, the U.S.’ main plant-based practical diet platform. Butterfly and Dr. Andrew Abraham, Orgain’s Founder and CEO, will retain important minority possession positions within the firm. Dr. Abraham will proceed to steer the corporate as CEO. Phrases of the deal weren’t disclosed.
Orgain was based in 2009 in California by Dr. Abraham, an integrative drugs specialist and most cancers survivor. He developed the corporate’s protein-based shakes, powders and snacks based mostly on his perception that everybody deserves entry to good, clear diet. In the present day, Orgain’s portfolio of merchandise contains the nation’s best-selling plant-based and natural protein powder, protein shake and dietary shake, amongst many different merchandise.
Butterfly, alongside buyers Ontario Academics’ Pension Plan Board (Ontario Academics’) and DCP Capital, acquired a majority stake in Orgain in November 2019. Ontario Academics’ and DCP Capital will even keep minority possession positions within the firm.
“Orgain was a mission earlier than it turned an organization,” mentioned Orgain Founder and CEO Dr. Abraham. “In the present day, in partnering with Nestlé Well being Science, we take a large leap ahead in pursuing that mission of offering accessible, wholesome diet for all. Nestlé Well being Science shares that mission and can assist us to get higher, cleaner diet merchandise into the arms of extra shoppers than I ever imagined doable after I based this firm twelve years in the past.”
“We couldn’t be prouder of what the Orgain crew has achieved during the last two years – it’s been an absolute privilege to work alongside them,” mentioned Butterfly Co-Founder Adam Waglay. “We’re assured that Orgain remains to be within the early innings of attaining its final potential and are thrilled that we have now the chance to proceed to be part of that journey along with Nestlé Well being Science.”
Butterfly Co-Founder Dustin Beck added: “It’s been inspiring to observe Andrew assist pioneer the clear diet motion. He’s a visionary within the area and his drive and keenness, together with that of the whole Orgain group, have created a very outstanding enterprise. We’re excited to see what they may have the ability to accomplish on this subsequent chapter of the clear diet motion alongside the right associate.”
Kirkland & Ellis LLP and Giannuzzi Lewendon LLP acted as authorized advisors to Orgain. BofA Securities, Goldman Sachs & Co. LLC and Mally Collective acted as monetary advisors to Orgain.
About Butterfly
Butterfly Fairness (“Butterfly”) is a Los Angeles, California-based non-public fairness agency specializing within the meals sector, spanning the whole meals worth chain from “seed to fork” through 4 goal verticals: agriculture & aquaculture, meals & beverage merchandise, meals distribution and foodservice. Butterfly goals to generate enticing funding returns by means of deep trade specialization, a singular method to sourcing transactions, and leveraging an operations-focused and technology-driven method to worth creation. For added details about Butterfly, please go to its web site at www.butterflyequity.com.
About Orgain
Orgain was created by Dr. Andrew Abraham, who used natural diet to avoid wasting his personal life throughout a battle with most cancers at a younger age, and now it’s made to serve the various wants of thousands and thousands extra. Orgain’s main objective is to make scrumptious clear and natural dietary merchandise to assist folks lead wholesome, vibrant lives. Its merchandise embody meal alternative shakes, protein powders and snack bars for adults and children. Orgain makes use of solely the very best high quality substances, by no means at the price of style and texture. Most Orgain merchandise are Licensed Natural and all are soy free, gluten free, non-GMO and freed from synthetic colours, flavors and preservatives. To be taught extra about Orgain, and Dr. Abraham’s fascinating story and objective, or to buy merchandise and browse recipes, go to www.orgain.com.