In a deal announced Sept. 7, Chosen Foods sold a majority stake in the business to Butterfly for an undisclosed amount after “getting to know them over many months” and determining “their approach, expertise and values align squarely with the aspiration for Chosen Foods,” Chosen Foods CEO Gabriel Perez Krieb said in a statement.
Since 2011, Chosen Foods has been on a mission to “celebrate the position connection we have with one another, with delicious food and with the planet,” which does by hand harvesting 350 million avocados each year to create oils, dressings, mayos, cooking sprays, simmer sauces and guacamole that are “nourishing, nutrition-packed foods,” according to the company’s website.
Attracted to Chosen Foods’ “supremely loyal and dedicated following,” its commitment to high-quality ingredients and its strategic supply partners, Butterfly co-founder Dustin Beck said in the announcement that the brand has “truly limitless potential to continuing growing as the leaders in the avocado space.”
The investment is the latest within Butterfly’s ‘seed to fork’ strategy that focuses on developing the entire food value chain in four targeted verticals: agriculture & aquaculture, food & beverage products, food distribution and foodservice.
The deal is the latest in a string of investments by Butterfly, including Pete & Gerry’s Organics in May and MaryRuth Organics in August. In addition, in 2019 Butterfly acquired Bolthouse Farms from Campbell Soup in for $510 million, and acquired a majority stake in the clean nutrition company Orgain.
As Butterfly expands its portfolio, it also is expanding its pocketbook. According to The Wall Street Journal, Butterfly is raising a third fund that could reach $1 billion. As of June, the group had collected two-thirds of the $750m it is seeking.