Jennifer Garner's Once Upon a Farm files for NYSE IPO
Once Upon a Farm, a babies' and children’s snack brand co-founded by actress Jennifer Garner, filed documents on Monday for a NYSE IPO.
Goldman Sachs, JP Morgan, Bank of America and William Blair are joint bookrunners atop an 11-strong syndicate of banks leading the offering, which will comprise a mix of new and secondary shares.
The company, co-founded and led by former Annie’s CEO John Foraker, plans to use primary proceeds to repay US$22m of borrowings drawn on its revolving credit facility and to buy new equipment.
Just when the market was expecting Kim Kardashian’s Skims to be the next celebrity-founded consumer company to hit the IPO market, Garner swooped in with her organic snacks.
What’s more, the company ─ which sells fruits and vegetables pouches, and oat and protein bars, among other offerings ─ is seeking listing as a public benefits corporation, which means it is legally committed to balancing profit with the mission of driving improvements in childhood nutrition.
“We’ve built this brand the right way since the beginning, taking no shortcuts, with paramount focus on delivering the best-tasting and most nutritionally sound products we can possibly make,” said Foraker in a letter in the filing. “I am proud of where we are today, but our runway is long, and our future is bright.”
Once Upon is “working across our industry on recyclability initiatives and investing in renewable energy sources” and “supporting and championing farmers, organic foods, sustainable agriculture, and community engagement”.
In the 12 months ended June 30, Once Upon posted a negative adjusted Ebitda of US$7.3m on net sales of US$201.6m. It ended the period with US$10.6m of cash.
“We believe our products and mission are more important and relevant than ever given the widely recognised societal challenges around the health of our children in this country,” Foraker said.
Once Upon said it has pledged to distribute one million meals to children in food-insecure communities through charity Save the Children.
Corporate social consciousness used to be a thing in the IPO market, with the likes of Allbirds, Lemonade and Vital Farms raising money so they could do more good for society. But many have fallen from grace, or at least became embroiled in much controversy when their operations fell below standards or they were found to have made deceptive claims.
Venture and private equity firms Cambridge Companies, CAVU Venture Partners and S2G Ventures Fund hold stakes of more than 5% in the company.
Garner, though a director in the company, also received stock options as a spokesperson: US$1m already paid this year, US$2m each in 2026 and 2027, and US$3m for 2028. She is also eligible for a cash bonus tied to the IPO price, though the amount isn’t disclosed yet.