Butterfly, a Los Angeles-based private equity firm specializing in the food sector, has reached an agreement to partner with Chosen Foods LLC, a provider of avocado oil and creator of avocado-based kitchen staples including cooking sprays, mayonnaises, dressings, simmer sauces, guacamole, and salsa. Butterfly will own a majority stake in the business.

“We are thrilled to have partnered with the Butterfly team whose enthusiasm and vision for avocados truly matches our own,” said Chosen Foods CEO Gabriel Perez Krieb. “In getting to know them over many months, it was clear their approach, expertise and values align squarely with our aspirations for Chosen Foods. They share an affinity for the brand we love and our passion for avocado innovation. This partnership brings unprecedented opportunity to grow globally and expand our impact on consumers’ health through delicious, nourishing avocado products. We can’t wait to collaborate on our shared avocado obsession and the next chapter of Chosen Foods.”

“After several years of tracking the avocado industry, we have finally found the perfect partner,” said Butterfly Co-Founder Adam Waglay. “Chosen Foods is a leader in not only avocado oil, but all avocado-based cooking and food products. The company is well positioned and has great supply partners, who will be able to provide a consistent supply of high-quality avocado oil to meet the ever-growing consumer demand.”

Butterfly co-founder Dustin Beck added, “Chosen Foods is a remarkable, mission-driven company that invites consumers to bring avocado products into their daily lives. They have built a supremely loyal and dedicated following through their commitment to high-quality and integrity of ingredients, and their brand has truly limitless potential to continue growing as the leaders in the avocado space.”

Butterfly was advised by Kirkland & Ellis LLP on legal matters in connection with the transaction. Chosen Foods was advised by Bank of America and Davis Polk & Wardwell LLP.