Dechert Advises Graham Partners on their Partnership with Custom Flavours and Butterfly Equity

Dechert advised Graham Partners, a private investment firm focused on advanced manufacturing companies, and its portfolio company Target Flavours on their partnership with Custom Flavours, as well as Butterfly Equity, a Los Angeles-based private equity firm that invests throughout the food ecosystem.

Butterfly and Graham Partners' investments have resulted in a flavour investment platform that combines Custom Flavours and Target Flavours.

Custom Flavours is a creator and manufacturer of premium liquid and powdered flavour solutions for the food, beverage, and nutrition industry. Graham Partners has worked with Target Flavours, a full-service flavour company that serves the beverage, dairy, dairy substitutes, pharmaceutical, and baking industries, since 2025.

Corporate partners Jeff Legath and Marie Mast led the Dechert team advising Graham Partners and Target Flavours, which included associates Nick Pullen and Yanchao Di, as well as tax partner Joshua Milgrim.

Source: Dechert LLP