Los Angeles-based private equity firm Butterfly has acquired a majority stake in Pete and Gerry's Organics, a producer of organic, free-range, and pasture-raised eggs.
“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, in a statement. “We believe the company's future is incredibly bright as the market leader in the premium egg category.”
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 Laflamme.
“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 Laflamme in a statement.
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Image: Pete and Gerry's