Avocado-centric Chosen Foods sells majority stake to Butterfly Equity to fund global expansion

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.