THE ANGELS–(COMMERCIAL WIRE)–Butterfly, a Los Angeles-based private equity firm specializing in the food industry, today announced that Nestlé Health Science has agreed to acquire a majority stake in its portfolio company Orgain, the leading plant-based functional nutrition platform in the US Butterfly and Dr. Andrew Abraham, founder and CEO of Orgain, will retain significant minority ownership positions in the company. Dr. Abraham will continue to lead the company as CEO. Terms of the deal were not disclosed.
Orgain was founded in 2009 in California by Dr. Abraham, an integrative medicine specialist and cancer survivor. He developed the company’s protein-based shakes, powders and snacks based on his belief that everyone deserves access to good, clean nutrition. Today, Orgain’s product portfolio includes the nation’s best-selling plant-based and organic protein powder, protein shake, and nutritional shake, among many other products.
Butterfly, along with investors Ontario Teachers’ Pension Plan Board (Ontario Teachers’) and DCP Capital, acquired a majority stake in Orgain in November 2019. Ontario Teachers’ and DCP Capital will also retain minority ownership positions in the company.
“Orgain was a mission before it became a company,” said Dr. Abraham, Founder and CEO of Orgain. “Today, by partnering with Nestlé Health Science, we take a major step forward in achieving the mission of providing healthy and accessible nutrition for all. Nestlé Health Science shares that mission and will help us bring better, cleaner nutritional products into the hands of more consumers than I ever imagined possible when I founded this company twelve years ago.”
“We could not be more proud of what the Orgain team has achieved over the last two years – it has been an absolute privilege to work with them,” said Butterfly co-founder Adam Waglay. “We are confident that Orgain is still in the early stages of reaching its full potential and we are delighted to have the opportunity to continue to be part of that journey together with Nestlé Health Science.”
Butterfly co-founder Dustin Beck added: “It has been inspiring to see Andrew pioneer the clean nutrition movement. He is a visionary in the space and his drive and passion, along with those of the entire Orgain organization, have created a truly remarkable business. We are excited to see what they will be able to accomplish in this next chapter of the clean nutrition movement together with the perfect partner.”
Kirkland & Ellis LLP and Giannuzzi Lewendon LLP acted as legal advisors to Orgain. BofA Securities, Goldman Sachs & Co. LLC and Mally Collective acted as financial advisors to Orgain.
about the butterfly
Butterfly Equity (“Butterfly”) is a private equity firm headquartered in Los Angeles, California, specializing in the food industry and covering the entire food value chain from “seed to fork” through four Target vertical markets: agriculture and aquaculture, food and beverage products, food distribution and food service. Butterfly aims to generate attractive investment returns through deep industry specialization, a unique approach to sourcing transactions, and leveraging an operations-centric, technology-driven approach to value creation. For additional information on Butterfly, visit their website at www.butterflyequity.com.
About Orgain
Orgain was created by Dr. Andrew Abraham, who used organic nutrition to save his own life during a battle with cancer at a young age, and is now made to serve the diverse needs of millions more. Orgain’s primary purpose is to make delicious, clean, organic nutritional products to help people lead healthy, vibrant lives. Its products include meal replacement shakes, protein powders, and snack bars for adults and children. Orgain uses only the highest quality ingredients, never at the cost of taste and texture. Most Orgain products are certified organic and all are soy-free, gluten-free, non-GMO, and free of artificial colors, flavors, and preservatives. To learn more about Orgain and Dr. Abraham’s fascinating history and purpose, or to shop for products and find recipes, visit www.orgain.com.
