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. 
 
 
   This press release features multimedia. View the full release here: 
https://www.businesswire.com/news/home/20241223905209/en/ 
 
 
   "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)