LOS ANGELES — Private equity firm Butterfly has reached an agreement to acquire a majority stake in Orgain, Inc., an Irvine, Calif.-based producer of organic and clean nutrition products. Financial terms of the transaction were not disclosed.
Founded in 2009 by physician and cancer survivor Andrew Abraham, M.D., Orgain offers a portfolio of ready-to-drink nutrition products, including protein powders, shakes and bars.
“In spending time with the Butterfly team, it was apparent that they shared our values and understood our mission to positively impact consumers across the world with our clean and delicious nutrition product,” said Dr. Abraham, chief executive officer of Orgain. “We are excited about this next phase of growth for our brand, the ability to expand globally and the opportunity to inspire so many more healthy vibrant lives.”
The transaction marks Butterfly’s fifth investment within its “seed to fork” approach to investing in food across agriculture, aquaculture, food and beverage products, food distribution and food service. In June, Butterfly acquired Campbell Soup Co.’s Bolthouse Farms business for $510 million.
In addition to Orgain and Bolthouse, Butterfly holds a stake in Pacifico Aquaculture, a producer of ocean-raised striped bass, and Modern Restaurant Concepts, a national multi-concept restaurant platform that operates Lemonade Restaurant Group and Modern Market Eatery.