William Blair acted as exclusive financial advisor to Butterfly Equity (Butterfly) in connection with its acquisition of ePac Flexible Packaging (ePac). The transaction closed on January 14, 2026. The transaction represents William Blair’s continued momentum in the packaging space.
About the Companies
Butterfly is a Los Angeles, California-based private equity firm that invests exclusively in the $26 trillion food sector. Butterfly is a leading “seed to fork” food ecosystem investor in North America and seeks to generate consistent investment returns through deep sector expertise, a data-driven investment process, and an operations-driven approach to value creation. Since its founding in 2016, the firm has invested in a diverse portfolio of category-leading businesses representing about $9 billion in enterprise value including The Duckhorn Portfolio, Rise Baking Company, Actus Nutrition, Chosen Foods, MaryRuth Organics, Pete and Gerry’s, Orgain, Generous Brands (a portfolio consistent of Health-Ade, Evolution Fresh, and Bolthouse Farms), Bolthouse Fresh Foods, QDOBA, and Pacifico Aquaculture.
ePac is the world's largest networked flexible packaging provider, serving brands of all sizes in the consumer-packaged goods industry. The company operates a tech-enabled platform with 14 facilities in the United States and Canada, all with identical set-ups, offering customers automated quoting, digital printing capabilities, and exceptional service times offering a full complement of films including sustainable options. ePac's founders began with a mission to provide locally based consumer packaged goods companies the ability to compete with large brands with great packaging. ePac's customers are high-growth leaders and innovators across small, medium, and larger companies, many of whom are focused on creating natural and innovative products for consumers. The company's customers benefit from speed to market, the ability to order to demand, and the latest in connected packaging technology through ePacConnect. Through its proprietary technology platform, ePacONE (One Network Everywhere), ePac provides brands of all sizes the ability to produce any order size in any of its facilities. ePac is based in San Diego, California.
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