On the latest episode of Behind the Buyouts, Butterfly Equity CEO and co-founder Adam Waglay discussed the private equity firm’s path to becoming North America’s largest food-focused investment platform.

Butterfly uses a transformation-focused investment approach and operational model to back companies across the food supply chain. It invests in three main categories — food production and inputs, business services and branded food and beverage.

The firm prioritizes middle market businesses with strong competitive positions, clear operational improvement opportunities and defined exit paths, while leveraging a team of operating executives to accelerate growth.

Butterfly’s portfolio companies include vertically integrated ingredients manufacturer Actus Nutrition, consumer-focused flexible packaging business ePac Holdings LLC, avocado oil brand Chosen Foods LLC, healthy beverages company Generous Brands LLC and fast-casual Mexican chain Qdoba Restaurant Corp.

The M&A environment for food in 2026 has improved compared with last year, particularly as dealmakers gain more clarity around tariffs, according to Waglay.

“My guess is we’re going to see a number of [companies] trade, which is exciting,” Waglay said. “The food space is opening up again, and you can even see that with all these IPO [filings], so it’s not just the M&A markets that are open [but] the equity markets are open for the right opportunities.”

Listen to the podcast with Adam Waglay below:

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