Nestlé Health Science to acquire majority stake in Orgain
Nestlé Health Science is adding a brand new brand to its lineup.
The company recently shared that it has agreed to acquire a majority stake in Orgain, a plant-based functional nutrition platform.
Butterfly Equity and Andrew Abraham, Orgain’s founder and CEO, will retain significant minority ownership positions within the company and Abraham will continue to lead as CEO.
[Read More: Innovative sports nutrition products from leading brands]
“Orgain was a mission before it became a company,” said Orgain founder and CEO Andrew Abraham. “Today, in partnering with Nestlé Health Science, we take a giant leap forward in pursuing that mission of providing accessible, healthy nutrition for all. Nestlé Health Science shares that mission and will help us to get better, cleaner nutrition products into the hands of more consumers than I ever imagined possible when I founded this company twelve years ago.”
Founded in 2009, Orgain’s portfolio currently includes organic protein powder, protein shakes and nutritional shakes among other products.
[Read More: Ascent rolls out plant-based protein powder]
“We could not be prouder of what the Orgain team has accomplished over the last two years — it’s been an absolute privilege to work alongside them,” said Butterfly co-founder Adam Waglay. “We are confident that Orgain is still in the early innings of achieving its ultimate potential and are thrilled that we have the opportunity to continue to be a part of that journey together with Nestlé Health Science.”
Terms of the deal were not disclosed, but Kirkland & Ellis LLP and Giannuzzi Lewendon LLP acted as legal advisors to Orgain. BofA Securities, Goldman Sachs & Co. LLC and Mally Collective acted as financial advisors to Orgain.
[Read More: Bonny targets daily fiber needs via supplement collection]
“It’s been inspiring to watch Andrew help pioneer the clean nutrition movement. He’s a visionary in the space and his drive and passion, along with that of the entire Orgain organization, have created a truly remarkable business,” Butterfly co-founder Dustin Beck said. “We’re excited to see what they will be able to accomplish in this next chapter of the clean nutrition movement alongside the perfect partner.”