01.03.23
Los Angeles-based private equity firm Butterfly has entered an agreement to acquire Milk Specialties Global, a manufacturer of nutritional ingredients for the health and wellness, performance nutrition, and functional food industries, from another private equity firm (affiliates of American Securities LLC.)
Based in Eden Prairie, MN, Milk Specialties Global was founded in 1949. Today the company is a vertically integrated ingredient manufacturer focused on the processing of raw dairy inputs, such as milk and liquid whey, into value-added functional ingredients for nutrition end markets.
The company claimed its Human Nutrition segment is the largest producer of whey protein isolate in the world.
Milk Specialties has been led for over 14 years by CEO and industry veteran David Lenzmeier, who will continue to lead the business going forward.
Milk Specialties is Butterfly’s latest investment within its “seed to fork” strategy spanning agriculture and aquaculture, food and beverage products, food distribution, and foodservice.
In 2019, Butterfly made a majority investment in Orgain; in 2022, the firm sold a majority stake to Nestlé Health Science, though it continues to own a minority interest.
“We are beyond excited to roll up our sleeves and get to work with the Butterfly team,” said Lenzmeier. “Partnering with a food-focused firm like Butterfly, we can drive enhanced value creation for all partners. We are really looking forward to what the future holds because Butterfly will enable Milk Specialties to achieve a new level of growth.”
“We’ve admired Dave and team from afar for many years and are excited to welcome them to the Butterfly family,” said Butterfly Co-Founders and Co-CEOs Adam Waglay and Dustin Beck. “We’re confident that Milk Specialties’ industry leadership and best-in-class team, combined with our expertise in the space, will enable us to drive even greater success for the business going forward. We can't wait to see what we can accomplish together.”
Terms of the transaction were not disclosed. The transaction is expected to close in Q1 2023.
Based in Eden Prairie, MN, Milk Specialties Global was founded in 1949. Today the company is a vertically integrated ingredient manufacturer focused on the processing of raw dairy inputs, such as milk and liquid whey, into value-added functional ingredients for nutrition end markets.
The company claimed its Human Nutrition segment is the largest producer of whey protein isolate in the world.
Milk Specialties has been led for over 14 years by CEO and industry veteran David Lenzmeier, who will continue to lead the business going forward.
Milk Specialties is Butterfly’s latest investment within its “seed to fork” strategy spanning agriculture and aquaculture, food and beverage products, food distribution, and foodservice.
In 2019, Butterfly made a majority investment in Orgain; in 2022, the firm sold a majority stake to Nestlé Health Science, though it continues to own a minority interest.
“We are beyond excited to roll up our sleeves and get to work with the Butterfly team,” said Lenzmeier. “Partnering with a food-focused firm like Butterfly, we can drive enhanced value creation for all partners. We are really looking forward to what the future holds because Butterfly will enable Milk Specialties to achieve a new level of growth.”
“We’ve admired Dave and team from afar for many years and are excited to welcome them to the Butterfly family,” said Butterfly Co-Founders and Co-CEOs Adam Waglay and Dustin Beck. “We’re confident that Milk Specialties’ industry leadership and best-in-class team, combined with our expertise in the space, will enable us to drive even greater success for the business going forward. We can't wait to see what we can accomplish together.”
Terms of the transaction were not disclosed. The transaction is expected to close in Q1 2023.
