Private equity-backed food ingredient maker Solina Group SAS on Wednesday, July 1, said it’s acquired Epicurean Butter Co., a manufacturer of flavored compound butters and customized flavors, from HC Private Investments LLC.

Solina, a portfolio company of Astorg Partners, didn’t disclose the financial terms of the transaction.

Epicurean Butter will continue operating from its Denver facility and will retain CEO Stephen Owens and its existing leadership team upon closing.

The Deal in February reported HCPI was exploring options including an investment or sale for Epicurean Butter with financial adviser Integris Partners Ltd. At the time, sources said Epicurean was on track to generate just under $10 million of Ebitda in 2026.

Founded in 2004, Thornton, Colo.-based Epicurean offers branded and private-label flavored butter products for in-store bakeries, meal kits, traditional grocery stores and restaurants.

HCPI acquired the company from co-founders Janey and John Hubschman in July 2019. The Hubschmans retained a minority stake in the business. Integris was adviser to Epicurean on its sale to HCPI.

Paris-based Solina, which develops ingredient and seasoning solutions for food manufacturers and foodservice customers, said the acquisition of Epicurean will expand its capabilities in dairy manufacturing and add new expertise in flavor development, rapid product innovation and customized culinary offerings.

The company added that the purchase will broaden its existing culinary innovation platform by combining Epicurean’s expertise in flavor-forward dairy applications with its wider culinary and beverage capabilities to create new opportunities across retail, foodservice and food manufacturing.

Astorg has backed Solina since 2021, when the private equity firm and Solina’s management acquired a majority stake in the company from Ardian SA for an undisclosed amount.

Solina most recently acquired Twang Foodservice, a maker of beverage mixes, flavor concentrates and seasonings, from Encore Consumer Capital for an undisclosed amount last month.

Luxembourg‑based Astorg focuses on investing in healthcare, software, technology, business services and technology-based industrial companies in Europe and the U.S. It typically seeks to invest in global companies valued at €100 million to €400 million ($113.9 million to $455.6 million) under its Astorg midcap funds and more than €500 million under its flagship funds.

It closed Astorg VIII in 2024 with €4.4 billion in commitments.

Chicago-based HCPI typically invests $15 million to $45 million in U.S.-based consumer and industrial companies with revenue of $15 million to $75 million and at least $4 million in Ebitda, according to its website. The firm looks to be the first outside capital for a business and partners with a group of executives experienced in the sector it’s targeting.

Solina CEO Anthony Francheterre worked on the Epicurean deal internally along with U.S. CEO Michael Marks and Epicurean Butter CEO Stephen Owens.