Butterfly and Graham Partners to invest in flavor maker Custom Flavors
- The company will continue to be led by CEO Alex Wendling with support from co-founders Mike Wendling and Steve Bishop
- In connection with the investment, Butterfly and Graham have created a flavor investment platform backing Custom alongside Graham portfolio company Target Flavors, a flavor house serving the beverage, dairy, dairy alternatives, pharmaceutical and bakery industries
- Custom Flavors was founded in 2000
Butterfly Equity and Graham Partners have agreed to invest in Custom Flavors, a San Clemente, California-based maker of liquid and powdered sweet flavors. No financial terms were disclosed.
Custom Flavors serves the protein & nutrition, gummies & nutraceuticals, functional food & beverage, and better-for-you snack industries.
The company will continue to be led by CEO Alex Wendling with support from co-founders Mike Wendling and Steve Bishop.
“Custom Flavors is an exceptional business and one we have followed closely for many years,” said Aaron Kirkbride, partner at Butterfly. “Alex, Mike and Steve have built a platform with best-in-class technical capabilities, strong customer relationships, and a deep commitment to quality and service.”
In connection with the investment, Butterfly and Graham have created a flavor investment platform backing Custom alongside Target Flavors, a flavor house serving the beverage, dairy, dairy alternatives, pharmaceutical and bakery industries, which Graham has partnered with since late 2025.
Butterfly and Graham were advised by Simpson Thacher & Bartlett LLP and Dechert LLP on legal matters and by Deloitte on financial matters. Hexagon Capital LLC acted as financial advisor to Custom Flavors, and TALG LTD acted as legal counsel.
Custom Flavors was founded in 2000.
