Nestlé Health Science has agreed to purchase a majority stake in functional nutrition company, Orgain, from founder and CEO Andrew Abraham and Butterfly Equity.
Following the deal, Abraham and private equity firm Butterfly will retain “significant” minority ownership positions in the company, which makes nutritional products, most of which are certified organic.
Integrative medicine specialist Abraham – who will continue to lead Orgain as CEO – founded the business in 2009. The company’s portfolio includes protein powders, meal replacement shakes and snack bars for adults and children.
“Nutritional protein plays a key role in supporting our health and wellness, whether we enjoy an active lifestyle or are facing health challenges,” said Greg Behar, CEO of Nestlé Health Science.
“Orgain’s emphasis on clean, all-natural, plant-based, organic ingredients has made it a leader in the US, and we look forward to combining our companies’ expertise to bring Orgain to more people around the world.”
Butterfly, alongside Ontario Teachers’ Pension Plan Board and DCP Capital, acquired a majority stake in Orgain in 2019. Ontario Teachers’ and DCP Capital will also retain minority holdings in the company.
Butterfly co-founder, Dustin Beck, said: “It’s been inspiring to watch Andrew help pioneer the clean nutrition movement. He’s a visionary in the space and his drive and passion, along with that of the entire Orgain organisation, have created a truly remarkable business.
“We’re excited to see what they will be able to accomplish in this next chapter of the clean nutrition movement alongside the perfect partner.”
The agreement includes the option for Nestlé Health Science to fully acquire Orgain in 2024.
The financial terms of the deal have not been disclosed.
By Antonia Garrett Peel
Source: foodbev.com
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