LOS ANGELES — Butterfly Equity has acquired a majority stake in Chosen Foods LLC, a maker of kitchen staples made with avocado or avocado oil. Financial terms of the transaction were not disclosed.
Based in San Diego, Chosen Foods offers a range of cooking sprays, mayonnaise, dressings, simmer sauces, guacamole and salsa based on avocado ingredients. The company’s flagship product is refined avocado oil, which has a neutral flavor and high smoke point, according to the company.
“We are thrilled to have partnered with the Butterfly team whose enthusiasm and vision for avocados truly matches our own,” said Gabriel Perez Krieb, chief executive officer of Chosen Foods. “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.”
Butterfly, a Los Angeles-based private equity firm, specializes in the food sector, targeting investments across agriculture and aquaculture, food and beverage products, food distribution and foodservice. Its leadership team has participated in deals totaling more than $10 billion of equity capital. Previous investments by the firm include MaryRuth Organics, Pete and Gerry’s Organics, Orgain, Bolthouse Farms, Pacifico Aquaculture and Modern Restaurant Concepts.
“After several years of tracking the avocado industry, we have finally found the perfect partner,” said Adam Waglay, co-founder of Butterfly Equity. “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.”