Butterfly to buy nutrition products firm Milk Specialties

The deal is expected to close in the first quarter of 2023.

  • Goldman Sachs, Credit Suisse Securities (USA) LLC and Rabo Securities USA Inc acted as financial advisors to Milk Specialties on the deal
  • Milk Specialties was founded in 1949
  • Based in Los Angeles, Butterfly targets the food sector

Butterfly has agreed to acquire Eden Prairie, Minnesota-based Milk Specialties, a maker of nutrition products. The seller is American Securities LLC. No financial terms were disclosed.

The deal is expected to close in the first quarter of 2023.

Milk Specialties was founded in 1949.

“We’ve admired Dave and team from afar for many years and are excited to welcome them to the Butterfly family,” said Butterfly Co-Founders and Co-CEOs Adam Waglay and Dustin Beck in a statement. “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.”

Butterfly was advised by Kirkland & Ellis LLP on legal matters in connection with the transaction. Goldman Sachs, 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.

Based in Los Angeles, Butterfly targets the food sector.