Orgain, a US supplier of protein powders, shakes and bars, has sold a majority stake in the business to private-equity firm Butterfly Equity.
The deal, struck for an undisclosed sum, will see Canadian pension fund Ontario Teachers’ Pension Plan become a minority investor in Orgain alongside Dr. Andrew Abraham, a cancer survivor who set up the business in 2009.
In a statement, the companies said the change of ownership would “allow for an increased focus to be placed on expanding consumer awareness, product innovation and global distribution”.
“We are excited about this next phase of growth for our brand, the ability to expand globally and the opportunity to inspire so many more healthy vibrant lives,” Dr. Abraham, who is also Orgain’s CEO, said.
The acquisition comes seven months after Butterfly snapped up the Bolthouse Farms business from Campbell Soup Co. for US$510m.
Butterfly co-founder Dustin Beck said: “Orgain has built an industry-leading platform of clean, nutritious products that have only scratched the surface of their potential. It has already had a massive impact in hospitals, locker rooms and homes across the world and we’re excited to help amplify its reach.”