Butterfly Acquires a Majority Stake in Leading Premium Egg Company Pete and Gerry’s Organics
LOS ANGELES–(BUSINESS WIRE)–Butterfly, a Los Angeles-based private equity firm specializing in the food sector, today […]
LOS ANGELES–(BUSINESS WIRE)–Butterfly, a Los Angeles-based private equity firm specializing in the food sector, today announced that it has acquired a majority stake in Pete and Gerry’s Organics, LLC, the nation’s leading producer of organic, free-range and pasture-raised eggs under the Pete and Gerry’s Organic®, Nellie’s Free Range® and Consider Pastures™ brands. Terms of the transaction were not disclosed.
Pete and Gerry’s is Butterfly’s latest investment within its “seed to fork” approach to investing in food across agriculture, aquaculture, food and beverage products, food distribution and foodservice. Pete and Gerry’s CEO, Jesse Laflamme, will retain an ownership position and continue to help move the business forward. British Columbia Investment Management Corporation will become a new minority investor in Pete and Gerry’s alongside Butterfly and Mr. Laflamme.
“We are thrilled to partner with Jesse and the Pete and Gerry’s team to help them bring healthy, delicious and humanely raised eggs to even more homes across the country,” said Butterfly Co-Founder Adam Waglay. “We believe the company’s future is incredibly bright as the market leader in the premium egg category.”
Pete and Gerry’s is headquartered in Monroe, New Hampshire, with a second processing facility in Greencastle, Pennsylvania. The company traces its roots back to a small family farm in the late 1800s and has been raising chickens for three generations with an unrelenting commitment to bringing consumers the highest-quality eggs possible. Today, Pete and Gerry’s partners with over 130 small family farms across the country who follow the strictest standards of humane animal treatment and environmental sustainability, and its Pete and Gerry’s Organic® and Nellie’s Free Range® brands are the #1 egg brands in their respective segments. A leader in sustainability, the company became the first Certified Humane egg producer in 2003 and the first egg producer in the world to achieve Certified B-Corporation status in 2013.
“After growing a family business over several decades, Pete and Gerry’s has achieved a position in the market where we are poised to accelerate growth. The choice to bring Butterfly into our family business required careful consideration of the alignment of values, mission, and the intention to build and grow. After meeting with the Butterfly team it was obvious they were the most ideal partner for our business and for all our stakeholders, from family farmers to our customers and consumers,” said Pete and Gerry’s CEO Jesse Laflamme.
Butterfly Co-Founder Dustin Beck added: “Pete and Gerry’s is a forward-thinking, mission-driven company that provides a better egg to consumers, a better life for hens and a better model for America’s small family farmers. Butterfly is absolutely aligned with their mission and looks forward to supporting the team to continue these efforts.”
Butterfly was advised by Kirkland & Ellis LLP on legal matters in connection with the transaction. Pete and Gerry’s was advised by Lazard Middle Market and Goodwin Procter LLP.
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