Butterfly Equity Acquires ePac Flexible Packaging from Amcor and Indevco

Butterfly Equity, a Los Angeles-based private equity firm focused on the food and beverage sector, announced the completion of its acquisition of ePac Holdings from an investor consortium including Amcor and Indevco North America. ePac stands as the global leader in digitally printed flexible packaging, holding a strong position across consumer-packaged goods markets.​

Founded in 2016, ePac provides flexible packaging solutions tailored for innovative, high-growth consumer-packaged goods customers, particularly in food markets. The company relies on its proprietary ePacONE technology platform, which drives order-to-demand production throughout its network. ePac runs 14 facilities across the U.S. and Canada, delivering automated quoting, rapid turnaround times, and uniform quality across diverse product types. The existing leadership team, headed by CEO and co-founder Virag Patel, will remain in place to manage ePac and holds a substantial ownership stake.​

“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,” said Virag Patel, CEO of 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 & 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.”​

“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,” said 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,” said Eric Tommarello, Managing Director at 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.”​

Transaction terms remain undisclosed. Butterfly received legal advice from Kirkland & Ellis LLP and financial guidance from William Blair. Baird served as financial advisor to ePac, with Greenberg Traurig, LLP providing legal counsel.​

ePac Flexible Packaging, established in 2016, operates as the world’s largest networked flexible packaging provider for brands of varying sizes in the consumer-packaged goods industry. Its tech-enabled platform spans 14 U.S. and Canada facilities with standardized setups, supporting automated quoting, digital printing, and quick service including sustainable film options. ePac’s founders aimed to equip local consumer-packaged goods firms to rival major brands through superior packaging. Customers gain from rapid market entry, demand-based ordering, and advanced connected packaging via ePacConnect. The ePacONE platform (One Network Everywhere) allows production of any order size at any facility. ePac maintains headquarters in San Diego, California.​

Butterfly, based in Los Angeles, California, invests solely in the $26 trillion food sector. As a key “seed to fork” food ecosystem investor in North America, Butterfly pursues steady returns via sector knowledge, data-driven processes, and operational value creation. Since 2016, it has backed a varied portfolio of top businesses totaling about $9 billion in enterprise value, such as The Duckhorn Portfolio, Rise Baking Company, Actus Nutrition, Chosen Foods, MaryRuth Organics, Pete and Gerry’s, Orgain, Generous Brands (Health-Ade, Evolution Fresh, Bolthouse Farms), Bolthouse Fresh Foods, QDOBA, and Pacifico Aquaculture.