The Duckhorn Portfolio Acquired by Butterfly in $1.95 Billion Deal
Deal News | Dec 24, 2024 | Butterfly
Butterfly Equity, a private equity firm based in Los Angeles, has successfully completed its acquisition of The Duckhorn Portfolio for $1.95 billion in an all-cash transaction. The Duckhorn Portfolio, known as North America's leading luxury wine company, has a strong presence with vineyards and wineries across the United States. Butterfly aims to leverage Duckhorn's legacy of excellence by expanding its global reach, both organically and through strategic acquisitions. The acquisition aligns with Butterfly's strategy to transform and create value within the food and beverage sector. The deal also resulted in The Duckhorn Portfolio's stock no longer being listed on the New York Stock Exchange. The transaction was advised by various firms, including KKR Capital Markets LLC and Kirkland & Ellis LLP for Butterfly, while J.P. Morgan Securities LLC and Ropes & Gray LLP advised Duckhorn. The Duckhorn Portfolio features a range of esteemed wine brands and offers wines across multiple continents.
Sectors
- Private Equity
- Food and Beverage
- Wine Production
Geography
- United States – Both Butterfly Equity and The Duckhorn Portfolio are based in the United States.
- California – Butterfly is based in Los Angeles, and The Duckhorn Portfolio operates several vineyards in California.
Industry
- Private Equity – The article discusses Butterfly Equity, a PE firm specializing in investments within the food and beverage industry.
- Food and Beverage – The acquisition of The Duckhorn Portfolio, a luxury wine company, highlights activities within the food and beverage sector.
- Wine Production – The Duckhorn Portfolio, central to the article, operates within the wine production industry.
Financials
- $1.95 billion – Total value of Butterfly's acquisition of The Duckhorn Portfolio.
- $11.10 per share – Price per share for The Duckhorn Portfolio in the acquisition deal.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Butterfly Equity | Bidding Company | Company | A private equity firm based in Los Angeles specializing in the food and beverage sector. |
| The Duckhorn Portfolio, Inc. | Target Company | Company | North America's premier luxury wine company with multiple wineries and vineyards. |
| KKR Capital Markets LLC | Capital Markets Advisor | Company | Served as capital markets advisor to Butterfly for this transaction. |
| Kirkland & Ellis LLP | Legal Counsel | Company | Provided legal counsel to Butterfly. |
| J.P. Morgan Securities LLC | Financial Advisor | Company | Served as financial advisor to The Duckhorn Portfolio. |
| Ropes & Gray LLP | Legal Counsel | Company | Served as legal counsel to The Duckhorn Portfolio. |
| Adam Waglay | Co-Founder and Co-CEO | Person | Co-Founder and Co-CEO of Butterfly, quoted welcoming Duckhorn to the firm. |
| Deirdre Mahlan | President and CEO | Person | President and CEO of Duckhorn, quoted on the partnership with Butterfly. |