In a deal announced on September 7, Chosen Foods sold a controlling stake in the company to Butterfly for an undisclosed amount after “getting to know them for many months” and determining that “their approach, expertise and values perfectly match the aspiration of Chosen Foods, “Chosen Foods CEO Gabriel Perez Krieb said in a statement.
Since 2011, Chosen Foods has the mission of “Celebrate the position we have with each other, with delicious food and with the planet”,who hand-harvests 350 million avocados each year to create oils, dressings, mayos, cooking sprays, simmering sauces and guacamole that are “Nourishing foods rich in nutrients”,according to the company site.
Attracted by the foods chosen “Extremely loyal and devoted follow-up”,its commitment to high-quality ingredients and its strategic sourcing partners, Butterfly co-founder Dustin Beck said in the announcement that the brand has “Truly unlimited potential to continue to grow as a leader in the avocado industry.”
The investment is the latest in Butterfly’s ‘seed to fork’ strategy which focuses on developing the entire food value chain in four targeted verticals: agriculture and aquaculture, food and beverage, food distribution and food services.
The deal is the latest in a series of acquisitions by Butterfly, including Pete & Gerry’s Organics in May and MaryRuth Organics in August. Additionally, in 2019, Butterfly acquired Bolthouse Farms from Campbell Soup for $ 510 million and acquired a controlling stake in clean nutrition company Orgain.
As Butterfly expands its portfolio, it also expands its portfolio. According to the Wall Street Journal, Butterfly is raising a third fund that could reach $ 1 billion. By June, the group had raised two-thirds of the $ 750 million it was seeking.