Pete and Gerry’s Organics, a free-range egg business in the US, has sold a majority stake to Los Angeles-based private-equity firm Butterfly.
The pasture-raised egg company’s CEO Jesse Laflamme “will retain an ownership position and continue to help move the business forward”, while British Columbia Investment Management Corp., described as an institutional investor in Canada, has become a minority shareholder in the business, according to a statement.
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Financial details and terms were not revealed.
Pete and Gerry’s is headquartered in Monroe, New Hampshire, and also has a second processing facility in Greencastle, Pennsylvania. The B Corp certified company partners with 130 family farms across the US to supply eggs under its namesake brand, as well as Nellie’s Free Range and Consider Pastures to retailers, club stores and natural grocers.
Laflamme said: “After growing a family business over several decades, Pete and Gerry’s has achieved a position in the market where we are poised to accelerate growth. The choice to bring Butterfly into our family business required careful consideration of the alignment of values, mission and the intention to build and grow.”
Butterfly co-founder Dustin Beck added: “Pete and Gerry’s is a forward-thinking, mission-driven company that provides a better egg to consumers, a better life for hens and a better model for America’s small family farmers. Butterfly is absolutely aligned with their mission and looks forward to supporting the team to continue these efforts.”
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