Butterfly Equity (Butterfly), a Los Angeles-based private equity firm specializing in the food and beverage sector, has announced the completion of its acquisition of ePac Holdings (ePac) from its investor consortium, including Amcor and Indevco North America.

ePac is a global producer of digitally printed flexible packaging, with a strong position across the CPG landscape.

Founded in 2016, ePac specializes in flexible packaging solutions for fast-growing CPG customers. The company particularly focuses on food end markets. ePac is also built around a proprietary technology platform, ePacONE, which serves as the engine enabling order-to-demand production across its entire network.

ePac in North America

ePac operates 14 facilities throughout the US and Canada, offering customers automated quoting, fast turnaround times, and consistent quality. 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,” says Virag Patel, CEO, 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 and 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.”

Butterfly’s assessment

“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,” states 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,” adds Eric Tommarello, managing director, 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. Meanwhile, William Blair led on financial matters. Baird is acting as financial advisor to ePac, and Greenberg Traurig, LLP is acting as legal counsel to ePac.