Butterfly to Acquire Milk Specialties Global
Credit: Milk Specialties Global
Butterfly, a Los Angeles-based private equity firm specializing in the food sector, has entered into a definitive agreement to acquire Milk Specialties Global, a leader in human and animal nutrition, from affiliates of American Securities LLC.
Founded in 1949 and based in Eden Prairie, Minn., Milk Specialties is an industry-leading, vertically integrated ingredient manufacturer focused on the processing of raw dairy inputs, such as milk and liquid whey, into value-added functional ingredients for a variety of growing nutrition end markets.
The company’s Human Nutrition segment is a leading performance nutrition manufacturer that produces high-quality dairy protein ingredients and products designed to optimize health and nutrition. Today, Milk Specialties’ Human Nutrition segment is the largest producer of whey protein isolate in the world. The company’s Animal Nutrition segment is a leading provider of science-based animal nutrition products for the dairy industry.
Milk Specialties operates 12 state-of-the-art facilities strategically positioned across the United States that allow the company to deliver high-quality, specialized ingredients and exceptional service to customers around the globe. It has been led for over 14 years by CEO and industry veteran David Lenzmeier, who will continue to lead the business going forward.
Milk Specialties is Butterfly’s latest investment within its “seed to fork” strategy spanning agriculture and aquaculture, food and beverage products, food distribution, and foodservice. Butterfly brings specialized expertise in performance nutrition as a result of its 2019 majority investment in Orgain, one of the fastest-growing consumer brands in the nutrition industry. In 2022, Butterfly sold a majority stake in Orgain to Nestlé Health Science and continues to own a minority stake.
“We are beyond excited to roll up our sleeves and get to work with the Butterfly team. Partnering with a food-focused firm like Butterfly, we can drive enhanced value creation for all partners. We are really looking forward to what the future holds because Butterfly will enable Milk Specialties to achieve a new level of growth,” said Lenzmeier.
“We’ve admired Dave and team from afar for many years and are excited to welcome them to the Butterfly family,” said Butterfly founders and CEOs Adam Waglay and Dustin Beck. “We’re confident that Milk Specialties’ industry leadership and best-in-class team, combined with our expertise in the space, will enable us to drive even greater success for the business going forward. We can’t wait to see what we can accomplish together.”
“The Milk Specialties team has continually pushed the envelope of quality, service and innovation in the protein space, and we’re thrilled to join them in making high-quality, affordable nutrition products available to even more consumers,” added Butterfly Managing Director Aaron Kirkbride.
Terms of the transaction were not disclosed. The transaction is expected to close in Q1 2023. Butterfly was advised by Kirkland & Ellis LLP on legal matters in connection with the transaction. Goldman Sachs & Co. LLC, Credit Suisse Securities (USA) LLC, and Rabo Securities USA, Inc. acted as financial advisors to Milk Specialties and Arnold & Porter Kaye Scholer LLP served as legal counsel.
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John B. Sanfilippo & Son Acquires Just the Cheese Snacking Brand
John B. Sanfilippo & Son, Inc. has purchased substantially all of the assets of the Just the Cheese snacking brand business from Specialty Cheese Company, Inc. The acquisition was funded through the company’s existing bank credit facility.
Just the Cheese is one of the nation’s leading baked cheese snacking brands and offers 100 percent real cheese snack bars and cheese crisps. It primarily competes in the baked cheese snack category, which is currently estimated to be a $100 million category. Products can be found online and in a variety of retail outlets in flavors including Aged Cheddar and Grilled Cheese.
“The acquisition of Just the Cheese, which currently will not have a significant impact on our financial results, will provide us a product that expands our portfolio into new snacking categories. Additionally, the assets and capabilities acquired will be complimentary to our existing product portfolio and are expected to lead to exciting innovation opportunities” said Jeffery T. Sanfilippo, chief executive officer.
Based in Elgin, Ill, John B. Sanfilippo & Son, Inc. is a processor, packager, marketer and distributor of nut and dried fruit-based products that are sold under the company’s Fisher , Orchard Valley Harvest, Squirrel Brand and Southern Style Nuts brand names and under a variety of private brands.
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Artisinal Cheese Company Sartori Names Bert Satori as CEO
Artisinal cheese company Sartori Cheese names Bert Sartori its new CEO, the company has ushered in the fourth generation of family leadership in its storied 83-year history.
Satori’s father, Jim Sartori, represented the third generation of Sartori family leadership while holding the CEO role for nearly three decades. While Bert Sartori is poised to add a unique creative vision for the artisinal cheese company’s future, he looks to honor and maintain the commitment to the cheesemaking craft that Sartori Cheese has built over the previous three generations.
“Sartori Cheese has always represented a culture of cheesemaking that celebrates creativity, passion, and authenticity,” said Bert Sartori. “I’m proud to lead a company anchored in tradition while pushing the boundaries of our craft so we can share new-to-the-world, award-worthy cheeses with people across the globe.”
Bert Sartori holds an MBA from Kellogg School of Management at Northwestern University, is a licensed cheesemaker and has over 17 years of progressive experience in finance, operations, and business development. Sartori’s longevity and diversity of experience give him invaluable insight into every aspect of the cheesemaking business. His vision for the company’s future is centered around a continued partnership with Wisconsin’s best dairy farms and a steadfast commitment to the craft of cheesemaking.
Sartori Cheese is proud to have four dozen licensed cheesemakers, including one of only two female Master Cheesemakers in Wisconsin. The company’s commitment to cultivating passionate cheesemakers is further highlighted by a best-in-class apprenticeship program that helps candidates hone their skills during the final steps of their training.
“Making great cheese starts with exceptional people – and we’re excited to continue investing in the talented, dedicated members of our team,” said Sartori.
Sartori was founded in 1939 by Bert Sartori’s great-grandfather, Paolo, an Italian immigrant. Bert Sartori ’s grandfather, Joe, preceded his father, Jim, as the leader of the business. The company has grown from its dozen team members at the time of its founding to more than 900 today as it delights cheese lovers in over 50 countries worldwide.
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