Butterfly, a Los Angeles-based private equity firm focused on the food sector, has acquired Milk Specialties Global, a human and animal nutrition company, from American Securities LLC.

Founded in 1949 and based in Eden Prairie, Minn., Milk Specialties is an ingredient manufacturer focused on the processing of raw dairy inputs, such as milk and liquid whey, into ingredients for nutrition end markets. The company operates 12 facilities positioned around the U.S. that allow the company to deliver ingredients and service to customers around the globe.

“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,” states Adam Waglay and Dustin Beck, Butterfly co-founders and co-CEOs.

Butterfly was advised by Kirkland & Ellis LLP on legal matters in connection with the transaction. Goldman Sachs & Co. LLC, Credit Suisse Securities LLC, and Rabo Securities USA Inc. acted as financial advisors to Milk Specialties and Arnold & Porter Kaye Scholer LLP served as legal counsel.