Kirkland & Ellis advised Butterfly, a Los Angeles-based private equity firm specializing in the food sector, on its acquisition of Milk Specialties Global, a leader in human and animal nutrition, from American Securities. Milk Specialties is an industry-leading, vertically integrated ingredient manufacturer focused on the processing of raw dairy inputs, such as milk and liquid whey, into value-added functional ingredients for a variety of growing nutrition end markets. The transaction is expected to close in Q1 2023. Terms of the transaction were not disclosed.

Read the Butterfly press release

The Kirkland team was led by corporate partner Ravi Agarwal and associates Sumer Marquette, Yihsin Wang, Seung Bo Choi and Chrissy Pak with assistance from partner Christopher Burwell, debt finance partner Ben Steadman and associate Whitney Greer, tax partner Benjamin Schreiner and associate Liz Allison and executive compensation partners Scott Price and Jake Ebers.