New firm Butterfly invests in KKR-backed California fast food chain

Butterfly made an undisclosed but “significant” investment in Los Angeles-based fast food chain Lemonade Restaurant Group.

The Los Angeles investment firm is joining KKR as a backer of Lemonade.

The capital infusion will be used for expansion and growth.

Davis Wright Tremaine provided legal advice to Lemonade on the transaction while Kirkland & Ellis did likewise for Butterfly.

Launched in 2008, Lemonade currently runs 22 restaurants in both Southern California and the San Francisco Bay area.

Photo of a monarch butterfly: Credit: Reuters/Daniel Aguilar