We are advising Chosen Foods on the transaction

Davis Polk is advising Chosen Foods LLC in connection with its investment by Butterfly Equity LP. Butterfly will own a majority stake in the business. Financial terms of the transaction were not disclosed.

Chosen Foods produces avocado-based oils, sprays, condiments and snacks with a focus on non-GMO products, plant-based proteins and organic superfoods. Chosen Foods was founded in 2010 and is headquartered in San Diego, California. Butterfly Equity is a Los Angeles, California-based private equity firm specializing in the food sector, spanning the entire food value chain from “seed to fork” via four target verticals: agriculture & aquaculture, food & beverage products, food distribution and foodservice. Butterfly aims to generate attractive investment returns through deep industry specialization, a unique approach to sourcing transactions, and leveraging an operations-focused and technology-driven approach to value creation.

The Davis Polk corporate team includes partner Harold Birnbaum and associates Dmitriy Molchanov and Eugenia S. Lee. Partner William A. Curran is providing tax advice. Partner Pritesh P. Shah is providing intellectual property advice. Partner Veronica M. Wissel is providing executive compensation advice. Partner Hilary Dengel and counsel Welton E. Blount are providing finance advice. Counsel Mary K. Marks is providing antitrust and competition advice. All members of the Davis Polk team are based in the New York office.

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