Kirkland Advises Butterfly on $1.95 Billion Take-Private Acquisition of The Duckhorn Portfolio

Kirkland & Ellis advised private equity firm Butterfly Equity on a definitive agreement to purchase North America's premier luxury wine company The Duckhorn Portfolio (NYSE: NAPA) in an all-cash transaction that values the company at $1.95 billion. The transaction was announced October 7, 2024. Under the terms of the agreement, Duckhorn shareholders will receive $11.10 per share in cash. Following the completion of the transaction, Duckhorn will become a privately owned company. The transaction, which was unanimously approved by the Duckhorn Board of Directors, is expected to close this winter, subject to customary closing conditions, including approval by Duckhorn shareholders and the receipt of required regulatory approvals. Butterfly is a Los Angeles-based private equity firm specializing in the food and beverage sector.

Read the transaction press release

The Kirkland team included corporate lawyers Ravi Agarwal, Sean Rodgers and Steven Choi; debt finance lawyers Melissa Hutson and Tim Hughes; executive compensation lawyer Scott Price; tax lawyer Ben Schreiner; and investment funds lawyer David Sherman.