Mr. Klein and Mr. Flocco each bring over three decades of extensive financial, operational, and strategic expertise in the CPG and beverage alcohol industry

Appointments follow Butterfly’s acquisition of The Duckhorn Portfolio and underscore ongoing commitment to the Company’s long-term growth strategy

The Duckhorn Portfolio (“Duckhorn” or the “Company”), North America’s premier luxury wine company, today announced that veteran consumer packaged goods (“CPG”) executives David Klein and Tom Flocco have joined its Board of Directors, effective immediately.

Mr. Klein brings more than 30 years of financial and growth-oriented strategic leadership experience across the beverage alcohol and consumer sectors. He most recently served as CEO of Canopy Growth Corporation following a strategic investment by Constellation Brands. Prior to that, Mr. Klein served in several escalating executive leadership roles at Constellation Brands, including as CFO of the Beer Division and ultimately as CFO of the publicly traded company. During his tenure at Constellation Brands, he played a key role in transforming the company into one of the most profitable beer producers in the industry, helping drive over $50 billion in enterprise value growth. Notably, Mr. Klein was instrumental in the acquisition and integration of Grupo Modelo’s U.S. business, which solidified Constellation Brands’ leadership in the high-end beer category.

Mr. Flocco is a seasoned C-suite executive with over 35 years of experience at food, beverage, and CPG companies in both private and public company environments. Mr. Flocco currently serves as CEO of Pete & Gerry’s Organics, a leading premium egg producer. Prior to joining Pete & Gerry’s, Mr. Flocco served as President and COO of Utz Brands where he held day-to-day responsibility for the company’s commercial, financial, and supply chain operations. Earlier in his career, Mr. Flocco served as President and CEO of Beam Suntory, a leading global distilled spirits business. Previously, Mr. Flocco was a Partner at McKinsey & Company in its consumer practice, and he started his career at Procter & Gamble across sales and brand management roles.

These appointments follow Butterfly Equity’s (“Butterfly”) acquisition of The Duckhorn Portfolio, which was completed in December 2024. As a leading private equity firm specializing in the food sector, Butterfly has a strong track record of investing in and scaling iconic consumer brands, with its portfolio including Actus Nutrition, Chosen Foods, MaryRuth Organics, Orgain, Pete & Gerry’s, and QDOBA, among others.

“David and Tom have each led distinguished careers and bring decades of experience in scaling and operating category-defining alcoholic beverage businesses to the Duckhorn Board,” said Butterfly Co-Founder and Co-CEO Adam Waglay. “Over the past year, we’ve had the opportunity to partner with David, and we have worked closely with Tom for several years. We are confident that their strategic and financial expertise will be essential assets as Duckhorn accelerates its next phase of growth.”

“We are thrilled to welcome David and Tom to our Board,” said Duckhorn CEO Robert Hanson. “I have had the pleasure of knowing and working with David for many years and look forward to partnering further with Tom. I have long admired their impressive business acumen, M&A experience, and ability to drive transformative growth. As we enter this exciting new chapter, David and Tom’s guidance will be invaluable as we execute on our vision for long-term growth and leadership in the luxury wine category.”

“I am honored to join Duckhorn’s Board at this inflection point for the Company,” said Mr. Klein. “Duckhorn has built a long-lasting legacy in Napa, and, with Butterfly’s unique partnership model, the Company is positioned to reach unparalleled heights in the luxury wine space. I look forward to working alongside Robert, Tom and the leadership team to further strengthen Duckhorn’s market position and drive long-term, sustainable value creation.”

Mr. Flocco noted, “It’s a privilege to join Duckhorn’s Board and to continue my work within the Butterfly family of companies. I’m impressed by Duckhorn’s strong reputation and commitment to excellence in the luxury wine space, and I’m eager to contribute to the Company’s continued growth.”

About The Duckhorn Portfolio, Inc.

The Duckhorn Portfolio is North America’s premier luxury wine company, with eleven wineries, ten state-of-the-art winemaking facilities, eight tasting rooms and over 2,200 coveted acres of vineyards spanning 38 Estate properties. Established in 1976, when vintners Dan and Margaret Duckhorn founded Napa Valley’s Duckhorn Vineyards, today, our portfolio features some of North America’s most revered wineries, including Duckhorn Vineyards, Decoy, Sonoma-Cutrer, Kosta Browne, Goldeneye, Paraduxx, Calera, Migration, Postmark, Canvasback and Greenwing. Sourcing grapes from our own Estate vineyards and fine growers in Napa Valley, Sonoma County, Anderson Valley, California’s North and Central coasts, Oregon and Washington State, we offer a curated and comprehensive portfolio of acclaimed luxury wines with price points ranging from $20 to $230 across more than 15 varietals. Our wines are available throughout the United States, on five continents, and in more than 50 countries around the world. To learn more, visit us at: https://www.duckhornportfolio.com/.

About Butterfly

Butterfly is a Los Angeles, California-based private equity firm that invests exclusively in the $26 trillion food sector. Butterfly is a leading “seed to fork” food ecosystem investor in North America and seeks to generate consistent investment returns through deep sector expertise, a data-driven investment process, and an operations-driven approach to value creation. Since its founding in 2016, the firm has invested in a diverse portfolio of category-leading businesses representing approximately $8 billion in enterprise value including The Duckhorn Portfolio, Rise Baking Company, Actus Nutrition, Chosen Foods, MaryRuth Organics, Pete and Gerry’s, Orgain, Generous Brands, Bolthouse Fresh Foods, QDOBA, and Pacifico Aquaculture. To learn more, please visit https://www.bfly.com/.

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