Butterfly Equity

Butterfly Equity LP
Founded2016
HeadquartersBeverly Hills, California
Key peopleAdam Waglay (CEO)
AUMUS$4 billion (2022)
SubsidiariesChosen Foods
Qdoba
Bolthouse Farms
Websitebfly.com

Butterfly Equity LP is an American private equity company based in Beverly Hills, California.

History

Butterfly Equity LP was founded in 2016 by Dustin Beck and Adam Waglay. The company operates out of Beverly Hills, California and specializes in pecializes in food investments, and is the owner of Qdoba, Bolthouse Farms, and Chosen Foods.

In 2026, Adam Waglay assumed full operational control over the company as CEO. The same year, the company was named in a class action lawsuit regarding a salmonella outbreak at their subsidiary restaurant company, Qdoba.

Investments

In 2021, Butterfly invested in MaryRuth Ghiyam's MaryRuth Organics, LLC, a health and wellness brand operating in the premium vitamins, minerals, and supplements.

Generous Brands, a portfolio company of Butterfly, acquired Health-Ade kombucha in 2025. Butterfly reportedly acquired the kombucha brand for $500 million from fellow private-equity investors First Bev and Manna Tree Partners.

References

  1. ↑ "Butterfly Equity LP". OpenCorporates. 2015-10-28. Retrieved 2026-08-08.
  2. ↑ Biscotti, Louis. "All Aboard The Brand Carousel: Food Companies Are Spinning Off Brands At An Accelerating Pace". Forbes. Retrieved 2023-03-19.
  3. ↑ Stern, Gary. "Farm-To-Table Modern Market Got Acquired And Then Merged, But It's Still Growing". Forbes. Retrieved 2023-03-19.
  4. ↑ "Butterfly Buys Bolthouse Farms From Campbell's for $510M". Los Angeles Business Journal. 2019-04-12. Retrieved 2023-03-19.
  5. ↑ "Butterfly To Acquire QDOBA and Form Leading Fast Casual Restaurant Platform Through Merger with Modern Restaurant Concepts". www.businesswire.com. 2022-08-09. Retrieved 2023-03-19.
  6. ↑ Fox, MeiMei. "MaryRuth's Bootstrapped Liposomal Vitamins And Supplements To $100 Million In Just 7 Years". Forbes. Retrieved 2023-03-19.
  7. ↑ "Qdoba Seeks to Double Its Store Count Under Ex-Applebee's CEO". Bloomberg.com. 2023-01-12. Retrieved 2023-03-19.
  8. ↑ Janiec, Chris Witkowsky, Chris (2026-02-25). "Butterfly Equity changes control after partner dispute". Agri Investor. Retrieved 2026-10-19.{{cite web}}: CS1 maint: multiple names: authors list (link)
  9. ↑ Actions, Top Class (2026-09-18). "QDOBA hit with class action over jalapeños linked to Salmonella outbreak". Top Class Actions. Retrieved 2026-10-19.
  10. ↑ "Butterfly Invests in MaryRuth Organics, a Premium Health Supplement Brand". financialpost. Retrieved 2023-06-12.
  11. ↑ Asch, Andrew. "Butterfly Equity Company Buys Drink Brand". LA Biz Journal.
  12. ↑ Cooper, Ben Glickman and Laura (2025-07-22). "Exclusive | Health-Ade Kombucha Sells for $500 Million". The Wall Street Journal. Retrieved 2026-04-21.