Butterfly Equity / GRAHAM PARTNERS take majority stake in CUSTOM FLAVORS

Butterfly and Graham Partners invested in Custom Flavors, the San Clemente, California-based flavours maker, in a transaction announced on July 22, 2026. The two sponsors also launched a flavour investment platform combining Custom Flavors with Target Flavors, a full-service flavour company serving the beverage, dairy, pharmaceutical and bakery industries that Graham had backed in November. Custom Flavors generated an EBITDA of $10–30M. Alex Wendling, who became chief executive in February when his father Mike Wendling moved to chairman, continued to lead the company with support from co-founders Mike Wendling and Steve Bishop. Scott Nadison, formerly president and chief executive of Mother Murphy's Flavors and president of sales at International Flavors & Fragrances, joined as president. The partnership was presented as giving Custom Flavors the resources to expand its scale, build its team and invest in its facilities, resulting in shorter expected lead times, expanded capacity and the ability to serve a broader range of customers. The Deal reported in June that Custom Flavors was working with Hexagon Capital Alliance on an auction process. Deloitte advised Butterfly and Graham on financial matters. Simpson Thacher & Bartlett and Dechert provided counsel to the sponsors, while Hexagon Capital Alliance gave financial advice to Custom Flavors and TALG provided counsel. Butterfly partner Aaron Kirkbride and Graham managing partner Andrew Snyder handled the transaction internally.