Chosen Foods, the US company producing avocado-based cooking oils and sauces, has handed over a majority stake to Butterfly, a local private-equity firm.
Butterfly, an investor focused on the food category based in Los Angeles, did not reveal the size of the interest it has taken in the San Diego business, the price paid, nor the seller of the stake. In 2017, Chosen Foods sold a majority holding to Mexico-based oils and seeds processor Sesajal.
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Adam Waglay, the private-equity firm’s co-founder alongside Dustin Beck, said in a statement: “After several years of tracking the avocado industry, we have finally found the perfect partner. 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.”
Chosen Foods, founded in 2011 by Carsten Hagen, George Todd and Sioma Waisburd, also produces cooking sprays, mayonnaise, dressings, guacamole, and salsa.
It is headed up by CEO Gabriel Krieb, who added: “We are thrilled to have partnered with the Butterfly team whose enthusiasm and vision for avocados truly matches our own.
“This partnership brings unprecedented opportunity to grow globally and expand our impact on consumers’ health through delicious, nourishing avocado products.”
Just Food is clarifying with Butterfly and Chosen Foods that Sesajal has now disposed of its stake to the private-equity firm.
