Butterfly Completes $1.95 Billion Acquisition of The Duckhorn Portfolio
LOS ANGELES & ST. HELENA, Calif.--(BUSINESS WIRE)--December 24, 2024--
Butterfly Equity ("Butterfly"), a Los Angeles-based private equity firm
specializing in the food and beverage sector, and The Duckhorn Portfolio,
Inc. ("The Duckhorn Portfolio," "Duckhorn" or the "Company") today
announced the completion of Butterfly's acquisition of Duckhorn, North
America's premier luxury wine company, for $11.10 per share, in an
all-cash transaction valued at approximately $1.95 billion.
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"We are thrilled to welcome The Duckhorn Portfolio and its talented team
to the Butterfly family," said Adam Waglay, Co-Founder and Co-CEO of
Butterfly. "Duckhorn's remarkable portfolio of luxury wine brands has
established a legacy of excellence, and we are excited to build on that
success. Together, we look forward to expanding the Company's global
reach, both organically and through strategic acquisitions, and
continuing to bring its celebrated wines to more consumers who value
quality and craftsmanship."
The acquisition of The Duckhorn Portfolio is exemplary of Butterfly's
investment strategy of partnering with leading food and beverage
companies to drive transformation and value creation for its investors
and communities across North America. Spanning the entire "seed-to-fork"
food ecosystem, Butterfly's diverse portfolio includes Actus Nutrition,
Chosen Foods, MaryRuth Organics, Orgain, Bolthouse Fresh Foods, and
QDOBA, among others.
"This announcement is excellent news for the future of The Duckhorn
Portfolio," said Deirdre Mahlan, Duckhorn President and Chief Executive
Officer. "Butterfly brings a proven track record of strengthening its
portfolio companies while helping them advance their long-term strategic
objectives. Through our partnership with Butterfly, we will have access
to enhanced resources to build on our strong foundation and further
scale our operations. We are excited to work with the Butterfly team to
begin writing a notable new chapter in the story of The Duckhorn
Portfolio."
Upon completion of the transaction, The Duckhorn Portfolio's common
stock ceased trading and will no longer be listed on the New York Stock
Exchange.
Advisors
KKR Capital Markets LLC served as capital markets advisor to Butterfly,
and Kirkland & Ellis LLP served as legal counsel.
J.P. Morgan Securities LLC served as financial advisor to Duckhorn, and
Ropes & Gray LLP served as legal counsel.
About The Duckhorn Portfolio, Inc.
The Duckhorn Portfolio is North America's premier luxury wine company,
with eleven wineries, ten state-of-the-art winemaking facilities, eight
tasting rooms and over 2,200 coveted acres of vineyards spanning 38
Estate properties. Established in 1976, when vintners Dan and Margaret
Duckhorn founded Napa Valley's Duckhorn Vineyards, today, our portfolio
features some of North America's most revered wineries, including
Duckhorn Vineyards, Decoy, Sonoma-Cutrer, Kosta Browne, Goldeneye,
Paraduxx, Calera, Migration, Postmark, Canvasback and Greenwing.
Sourcing grapes from our own Estate vineyards and fine growers in Napa
Valley, Sonoma County, Anderson Valley, California's North and Central
coasts, Oregon and Washington State, we offer a curated and
comprehensive portfolio of acclaimed luxury wines with price points
ranging from $20 to $230 across more than 15 varietals. Our wines are
available throughout the United States, on five continents, and in more
than 50 countries around the world. To learn more, visit us at: https://
www.duckhornportfolio.com/. Investors can access information on our
investor relations website at: https://ir.duckhorn.com.
About Butterfly
Butterfly is a Los Angeles, California-based private equity firm that
invests exclusively in the $26 trillion food sector. Butterfly is a
leading "seed to fork" food ecosystem investor in North America and
seeks to generate consistent investment returns through deep sector
expertise, a data-driven investment process, and an operations-driven
approach to value creation. Since its founding in 2016, the firm has
invested in a diverse portfolio of category-leading businesses
representing approximately $8 billion in enterprise value including The
Duckhorn Portfolio, Rise Baking Company, Actus Nutrition, Chosen Foods,
MaryRuth Organics, Pete and Gerry's, Orgain, Generous Brands, Bolthouse
Fresh Foods, QDOBA, and Pacifico Aquaculture. To learn more, please
visit https://www.bfly.com/.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241223905209/en/
CONTACT: Media
Prosek Partners for Butterfly
pro-butterfly@prosek.com
(END) Dow Jones Newswires
December 24, 2024 09:02 ET (14:02 GMT)
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