Major dairy ingredient supplier to be acquired

LOS ANGELES — Butterfly, a Los Angeles-based personal fairness agency, has reached an settlement beneath which it would purchase Milk Specialties World, a vertically built-in producer of dairy merchandise. Butterfly, which focuses on the meals enterprise, is buying Milk Specialties from American Securities LLC, a personal fairness agency that has owned the dairy enterprise since August 2016.

A human and animal diet firm, Milk Specialties World’s human diet enterprise is a producer of whey and milk protein components used primarily within the sports activities diet and practical meals finish markets. In line with Butterfly, Milk Specialties is the biggest producer of whey protein isolate on the planet. Different merchandise the corporate makes for human diet embody whey protein concentrates, hydrolysates, milk protein concentrates, isolates and micellar casein, lactose and permeate.

Its animal diet enterprise presents merchandise for the dairy business.

Milk Specialties was established in 1949 and relies in Eden Prairie, Minn. The corporate operates 12 manufacturing amenities unfold throughout the states of Wisconsin, Minnesota, Nebraska, Illinois, Idaho and California.

Its merchandise are utilized in all kinds of finish merchandise, together with bars; confectionery; frozen desserts; drinks; extruded and texturized merchandise; fermented dairy merchandise; baked meals; and cheese and soups, sauces and dressings.

The corporate has been led for the previous 14 years by David Lenzmeier as chief govt officer. He’ll proceed in that function beneath the brand new possession, Butterfly mentioned.

“We’re assured that Milk Specialties’ business management and best-in-class group, mixed with our experience within the house, will allow us to drive even higher success for the enterprise going ahead,” mentioned Butterfly co-founders and co-CEOs Adam Waglay and Dustin Beck. “We are able to’t wait to see what we are able to accomplish collectively.”

Established in 2016, Butterfly’s portfolio firms embody Chosen Meals, MaryRuth Organics, Pete and Gerry’s Organics, Orgain, Bolthouse Farms, Pacifico Aquaculture and Fashionable Restaurant Ideas. So far, Butterfly has invested greater than $10 billion of fairness capital.

Phrases of the transaction, which is predicted to shut within the first quarter of 2023, weren’t disclosed.

Goldman Sachs & Co. LLC, Credit score Suisse Securities (USA) LLC, and Rabo Securities USA, Inc. acted as monetary advisers to Milk Specialties. Source

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