Butterfly acquires majority stake in Pete and Gerry’s Organics

Equity firm Butterfly has reached a deal to acquire a majority stake in Pete and Gerry’s Organics, a leading provider of organic, free-range and pasture-raised eggs.

pikselstock | BigStockPhoto.com
pikselstock | BigStockPhoto.com

Equity firm Butterfly has reached a deal to acquire a majority stake in Pete and Gerry’s Organics, a leading provider of organic, free-range and pasture-raised eggs.

Pete and Gerry’s was founded back in the late 1800s and is headquartered in Monroe, New Hampshire, with a second processing facility in Greencastle, Pennsylvania. The company partners with more than 130 small family farms across the U.S. under the Pete and Gerry’s Organic, Nellie’s Free Range and Consider Pasture brands.

Pete and Gerry’s became the first Certified Humane egg producer in 2003 and the first egg producer to achieve Certified B-Corporation status globally in 2013.  In 2020, the company began experimenting with the industry’s first reusable egg carton made of recycled, durable, BPA-free plastic.

“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.

Laflamme, will retain an ownership position in Pete and Gerry’s. In addition, the British Columbia Investment Management Corporation will become a minority investor in the egg company as a part of the transaction.

“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.”

Butterfly Equity is a Los Angeles-based equity firm that specializes in the food sector from seed to fork. Previously, Butterfly made investments in Pacifico Aquaculture, Modern Restaurant Concepts, Orgain and Bolthouse Farms.

Terms of the deal were not disclosed. Kirkland & Ellis LLP served as advisor to Butterfly on the transaction, while Pete and Gerry’s was represented by Lazard Middle Market and Goodwin Procter LLP.

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