Kirkland & Ellis advised Butterfly Equity a Los Angeles-based private equity firm specializing in the food sector, and Lemonade Restaurant Group (“Lemonade”), a Los Angeles-based restaurant company, on an agreement to merge Lemonade with Modern Market Eatery and form Modern Restaurant Concepts, the nation's leading better-for-you restaurant platform. As part of the transaction, global investment firm KKR will contribute its investment in Lemonade to the merger and become a shareholder in Modern Restaurant Concepts alongside Butterfly and the management team. Financial terms of the transaction were not disclosed.
Read the company press release
The Kirkland team was led by transactional partners Ravi Agarwal and Sean Rodgers and associates Michael Ruderman, Brent Nesbitt and Lara Cohen; investment funds partners David Sherman and Lina Zhou; and tax partners Benjamin Schreiner and Ryan Roberts.