Dechert Advises Graham Partners on Partnership with Custom Flavors and Butterfly Equity

Dechert advised Graham Partners, a private investment firm targeting advanced manufacturing companies, together with its portfolio company Target Flavors, on its partnership with Custom Flavors alongside Butterfly Equity, a Los Angeles-based private equity firm investing across the entire food ecosystem.

Through their investments, Butterfly and Graham Partners have created a flavor investment platform combining Custom Flavors and Target Flavors.

Custom Flavors is a developer and manufacturer of premium liquid and powdered flavor solutions serving food, beverage and nutrition end markets. Target Flavors is a full-service flavor house serving the beverage, dairy, dairy alternatives, pharmaceutical and bakery industries that Graham Partners has partnered with since 2025.

The Dechert team advising Graham Partners and Target Flavors was led by corporate partners Jeff Legath and Marie Mast, with associates Nick Pullen and Yanchao Di, and tax partner Joshua Milgrim.

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For more than 150 years, we have advised clients on critical issues – from high-stakes litigation to first-in-market transaction structures and complex regulatory matters. Our lawyers in commercial centers worldwide are immersed in the key sectors we serve – financial services, private capital, real estate, life sciences and technology.

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