DCP Announces Agreement to Sell Majority Stake in Orgain to Nestlé Health Science
Feb 07, 2022
(Beijing, Hong Kong, February 4th, 2022) – DCP, an international private equity firm with deep experience the Greater China market, today announced that Nestlé Health Science has agreed to acquire a majority stake in its portfolio company Orgain, a leading plant-based functional nutrition platform. DCP, along with Butterfly Equity and Dr. Andrew Abraham, Orgain’s Founder and CEO, will retain significant minority ownership positions in the company. Dr. Abraham will continue to lead the company as CEO. Terms of the deal were not disclosed.
Orgain was founded in 2009 in California by Dr. Abraham, an integrative medicine specialist and cancer survivor. He developed the company’s protein-based shakes, powders and snacks based on his belief that everyone deserves access to good, clean nutrition. Today, Orgain’s portfolio of products includes America’s best-selling plant-based and organic protein powder, protein shake and nutritional shake, among many other products.
DCP invested alongside Butterfly Equity and Ontario Teachers’ Pension Plan Board to acquire a majority stake in Orgain in November 2019. Post-investment, DCP worked with Orgain to successfully enter the Chinese market by recruiting a China-based leadership team and establishing a local distribution network. Orgain currently sells its products on leading online platforms in China for foreign nutrition products such as TMall and JD.com, as well as leading offline retail outlets.
“Orgain was a mission before it became a company, said Orgain Founder and CEO Dr. Abraham. “Today, in partnering with Nestlé Health Science, we take a giant leap forward in pursuing that mission of providing accessible, healthy nutrition for all. We believe our partnership with Nestlé Health Science will accelerate our continued mission globally.”
“Orgain’s extraordinary growth is a testament to Andrew’s incredible vision and industry leadership,” said Hwan Chung, Managing Director of DCP. “It has been a privilege to work with the Orgain team to drive the company’s entry into the China market. We are proud and grateful to have been part of the company’s remarkable success so far and are excited for the partnership with Nestlé Health Science.”
Kirkland & Ellis LLP and Giannuzzi Lewendon LLP acted as legal advisors to Orgain. BofA Securities, Goldman Sachs & Co. LLC and Mally Collective acted as financial advisors to Orgain.