Butterfly Acquires ePac Flexible Packaging, the Leader in Digitally Printed Flexible Packaging

Transaction to Accelerate ePac’s Growth Strategy and Continue Butterfly’s Strategy of Partnering with Leading Companies in the Food and Beverage Ecosystem

LOS ANGELES--(BUSINESS WIRE)--Butterfly Equity (“Butterfly”), a Los Angeles-based private equity firm specializing in the food and beverage sector, today announced the completion of its acquisition of ePac Holdings (“ePac” or the “Company”) from its investor consortium, including Amcor and Indevco North America. ePac is the global leading producer of digitally printed flexible packaging, with a strong position across the consumer-packaged goods (“CPG”) landscape.

Founded in 2016, ePac specializes in flexible packaging solutions for innovative, fast-growing CPG customers, with a particular focus on food end markets and built around a unique and proprietary technology platform, ePacONE, which serves as the engine enabling order-to-demand production across its entire network. ePac operates 14 facilities throughout the U.S. and Canada, offering customers automated quoting, fast turnaround times and consistent quality across numerous product specifications. The incumbent leadership team, led by CEO and co-founder Virag Patel, will continue to operate ePac and has retained a significant ownership interest in the business.

“Over the past decade, ePac has redefined the packaging model by putting the most advanced technology in the hands of the world’s most innovative brands,” said Virag Patel, CEO of ePac. “By partnering with Butterfly, we enter a new phase of acceleration. This partnership allows us to continue disrupting the industry while leveraging Butterfly’s connectivity throughout the food & beverage ecosystem. Together, we will continue to evaluate and deploy next-generation technologies and platforms, like ePacONE, to deliver unmatched value and brand growth for our customers, regardless of their size or scale.”

“We’re thrilled to partner with the ePac team as Butterfly’s first platform investment into the packaging market – a critical component of the food value chain,” said Butterfly Partner and Head of Investment Team, Vishal Patel. “Our deep and specialized expertise in food end markets will enable ePac’s growth while reinforcing its commitment to outstanding customer service for the leaders and innovators in food and other categories. ePac has already established itself as a market leader, and together we aim to build on that success.”

“We have been deeply impressed with ePac’s specialization and their ability to lead the market,” said Eric Tommarello, Managing Director at Butterfly. “The Company’s visionary management team has demonstrated a strong track record of execution, and we believe the combination of seamless technology, speed of service and an obsessive focus on the customer experience has created a scalable foundation for continued growth in the digitally printed packaging category.”

Terms of the transaction were not disclosed. Butterfly was advised by Kirkland & Ellis LLP on legal matters in connection with the transaction and by William Blair on financial matters. Baird is acting as financial advisor to ePac, and Greenberg Traurig, LLP is acting as legal counsel to ePac.

About ePac Flexible Packaging

Founded in 2016, ePac is the world's largest networked flexible packaging provider, serving brands of all sizes in the consumer-packaged goods industry. ePac operates a tech-enabled platform with 14 facilities in the U.S. and Canada, all with identical set-ups, offering customers automated quoting, digital printing capabilities and exceptional service times offering a full complement of films including sustainable options. ePac's founders began with a mission to provide locally based consumer packaged goods companies the ability to compete with large brands with great packaging. ePac's customers are high-growth leaders and innovators across small, medium, and larger companies, many of whom are focused on creating natural and innovative products for consumers. ePac's customers benefit from speed to market, the ability to order to demand, and the latest in connected packaging technology through ePacConnect. Through its proprietary technology platform, ePacONE (One Network Everywhere), ePac provides brands of all sizes the ability to produce any order size in any of its facilities. ePac is headquartered in San Diego, California.

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 $9 billion in enterprise value including The Duckhorn Portfolio, Rise Baking Company, Actus Nutrition, Chosen Foods, MaryRuth Organics, Pete and Gerry’s, Orgain, Generous Brands (a portfolio consistent of Health-Ade, Evolution Fresh, and Bolthouse Farms), Bolthouse Fresh Foods, QDOBA, and Pacifico Aquaculture. To learn more, please visit https://www.bfly.com/.