The human nutrition business of Milk Specialties Global, a human and animal nutrition company, is a manufacturer of whey and milk protein ingredients used primarily in the sports nutrition and functional food end markets. Milk Specialties is the world’s largest producer of whey protein isolate, according to Butterfly. , isolates, micellar casein, lactose, and permeate.
The Animal Nutrition business provides products for the dairy industry.
Milk Specialties was founded in 1949 and is based in Eden Prairie, Minnesota. The company operates 12 production facilities spread across Wisconsin, Minnesota, Nebraska, Illinois, Idaho and California.
Its products are used in a variety of end products, including bars. Confectionery; Frozen desserts; Beverages; Extruded and textured products;
The company has been led by David Lenzmeier as Chief Executive Officer for the past 14 years. Butterfly said he will continue to serve in that role under new ownership.
“We are confident that Milk Specialties’ industry leadership and best-in-class team, combined with our domain expertise, will drive our business to even greater success in the years to come. CEO Adam Wagrey and Dustin Beck “I can’t wait to see what we can achieve together.”
Founded in 2016, Butterfly’s portfolio companies include Chosen Foods, MaryRuth Organics, Pete and Gerry’s Organics, Orgain, Bolthouse Farms, Pacifico Aquaculture and Modern Restaurant Concepts. To date, Butterfly has invested over $10 billion of his equity.
Terms of the transaction, which is expected to close in the first quarter of 2023, were not disclosed.
Goldman Sachs & Co. LLC, Credit Suisse Securities (USA) LLC, and Rabo Securities USA, Inc. acted as financial advisors to Milk Specialties.
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