Jennifer Garner's baby food company confidentially files for an IPO, sources say
June 18 (Reuters) - Once Upon a Farm, the organic baby food company co-founded by actor Jennifer Garner, has filed confidentially for an initial public offering in New York, according to people familiar with the matter.
The Berkeley, California-based company has tapped a group of investment banks for the IPO, which could occur as soon as this year, said the sources, who cautioned that the plans could change, depending on market conditions. Goldman Sachs (GS.N), opens new tab and JPMorgan (JPM.N), opens new tab are the lead underwriters, said the sources, who requested anonymity because the plans are confidential.
The offering could value the company at about $1 billion, one of the persons said. Once Upon a Farm did not immediately respond to a request for comment, Goldman Sachs and JPMorgan declined to comment.
Garner is known for her work in the TV drama "Alias" and films including "Dallas Buyers Club" and "Catch Me If You Can." A mother of three, she has said she cares deeply about childhood nutrition, and she grows some produce for Once Upon a Farm on her family's century-old farm in Oklahoma.
Once Upon a Farm was founded in 2015 by Cassandra Curtis and Ari Raz to create more nutritious baby-food options. In 2017, Garner and John Foraker, the former CEO of food brand Annie's, joined the company as co-founders.
The company's products for babies, toddlers and children range from oat bars to cold-pressed pouches and frozen meals, and they are sold in supermarkets across the U.S.
An IPO for the company would build on momentum for market debuts in the U.S., a sector that has lately thawed after the Trump administration's tariff announcements earlier this year cast a chill. So far this year, IPOs listed in the U.S. have raised about $27 billion, down from $41 billion in the same period last year, according to data compiled by Dealogic. But this year's figure is more than in 2022 and 2023, when IPOs raised $22 billion and $24 billion, respectively, over the same time frame, according to Dealogic.
In its Nasdaq debut last week, digital bank Chime (CHYM.O), opens new tab jumped 59%, valuing the company at $18.4 billion. The stock of stablecoin issuer Circle Internet Group (CRCL.N), opens new tab climbed to $103.75 and was halted several times for volatility during a wild first day of trading earlier this month.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
23 minutes ago
- Reuters
Buss family to sell Lakers at $10 billion valuation, ESPN says
The Buss family is entering an agreement to sell a majority stake in the Los Angeles Lakers, ESPN reported on Wednesday (June 18), marking the end of an era for one of the NBA's most influential owners.
The Independent
41 minutes ago
- The Independent
Zuckerberg's political shift didn't shock Meta staff: ‘The whole time this was all one inch underneath'
Meta CEO Mark Zuckerberg 's recent public support for President Donald Trump did not come as a shock to those who know or have closely worked with him, with dozens of people saying some changes at the company are part of the tech billionaire's long-held beliefs. Dozens of people who have either worked with or known Zuckerberg told the Financial Times that the CEO's more public shift toward Trump is just Zuckerberg displaying the more 'authentic' version of himself to the world, even though he was once known to support liberal ideology and voiced opposition to Trump's policies during the first administration. 'Mark was trying to keep his real feelings tight inside and put on a suit and cut his hair and be a good boy. But the whole time this was all one inch underneath,' an unnamed Meta insider told the outlet. 'Then he said, 'F*** it. I might as well be the person I really am.'' Since Trump was elected in November, the Meta CEO has met with Trump at Mar-a-Lago, donated $1 million to Trump's inaugural fund, attended the inauguration, co-hosted a reception, and changed company policy to align more closely with the administration. Insiders told the newspaper that the tech billionaire's unapologetic pro-'masculine energy', free speech-loving shift is only a shift to the public. 'The public is seeing him more how we have, internally, since the beginning.' Andrew Bosworth, Meta's CTO, told FT. Bosworth suggested that Zuckerberg's former suit-wearing, government-obeying self was just the Meta CEO doing what he thought he was supposed to be doing. The Independent has asked the White House for comment. Meta declined to comment for this story. Zuckerberg's private shift toward more conservative figures, such as Trump, was reportedly a slow movement that was seemingly triggered by constant pushback against Facebook – Meta's former name – from both the public and lawmakers, especially those seeking to regulate the tech industry. One major shift came in 2020, when Biden administration officials pressured Zuckerberg to censor misinformation about Covid on his social media platform, which he did and later regretted. But under the Trump administration, Zuckerberg appears less concerned with appeasing the public. Appearing on Joe Rogan's podcast recently, the Meta CEO said he believes 'masculine energy is good.' Even when executives challenged Zuckerberg's comments, he refused to apologize. Those familiar with Zuckerberg told FT that his decision to lean into hobbies such as Brazilian jiu-jitsu or wear more streetwear or cozy up to the administration is all part of Zuckerberg's efforts to get people to like him. 'He saw that Elon Musk was popular among the tech bros,' a former insider said. 'There was a push to make him cool. The core of the Social Network movie is true — he just wants people to like him.'
Reuters
an hour ago
- Reuters
Billionaire Brad Jacobs' QXO offers $5 billion for GMS, threatens to go hostile
June 19 (Reuters) - Billionaire Brad Jacobs' new building-products distributor QXO (QXO.N), opens new tab made an offer on Wednesday to acquire GMS (GMS.N), opens new tab for about $5 billion in cash and said it will proceed with a hostile takeover if the company's management rejects the proposal. This is Jacobs's second hostile takeover threat in the building sector this year and part of his plan to turn QXO into a $50 billion revenue building-products distributor within a decade. The offer comes three months after QXO clinched an $11 billion deal to buy Beacon Roofing Supply, ending a prolonged takeover battle for the roofing company and significantly expanding its footprint in the U.S. and Canada. An acquisition of GMS would expand QXO's market from roofs into house interior materials, including drywall. QXO's proposal is still technically in the friendly phase, but Jacobs said that if GMS's board did not accept the offer by June 24, QXO was prepared to bypass management. 'If you choose not to engage ... we are prepared to take our offer directly to GMS's shareholders who we're confident will find the offer attractive,' Jacobs said in a letter sent to GMS Chief Executive Officer John Turner. In similar comments made during his takeover offer to Beacon, Jacobs said GMS was poorly managed and could be more profitable to shareholders under his command. Georgia-based GMS said in a statement on Thursday that it has received an unsolicited proposal from QXO that will be reviewed by its board. It did not immediately respond to a Reuters request for comment. GMS operates a network of more than 300 distribution centers and its product lineup includes wallboard, ceilings, steel framing and gypsum. Both Beacon and GMS operate primarily in the U.S., with additional presence in Canada. The U.S. building industry, mostly locally sourced and fairly protected from tariffs, is undergoing consolidation. QXO said it offered $95.20 per share for all outstanding shares of GMS, a premium of about 17% over the company's closing price on Wednesday. In the letter, Jacobs disclosed he first approached Turner in June last year, with conversations continuing until at least May 22, when the two CEOs met in New York. Jacobs added his decision to take the offer public came after GMS's shares rose following market speculation over a potential QXO acquisition. The offer represents a 29% premium over GMS's value on May 22, he said. On Wednesday, before the offer was made public, shares of GMS hit their highest level in almost five months after the company reported upbeat quarterly results and announced an additional $25 million in annualized cost reductions. Jacobs said following the private talks with Turner, he heard from industry participants that J.P. Morgan and Jefferies bankers had been aggressively trying to find other suitors to buy GMS. Home improvement chain Home Depot (HD.N), opens new tab has also made an offer for GMS, the Wall Street Journal reported on Thursday, citing people familiar with the matter. Spokespersons for Home Depot and GMS declined to comment on the report. Goldman Sachs and Morgan Stanley are acting as financial advisers to QXO. And Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel. Jacobs has built an empire of multibillion-dollar companies spanning industries from logistics to waste management and equipment rentals by acquiring companies in industries undergoing consolidation, and spinning some of them off at a higher value. QXO was a relatively small software company until 2023, when Jacobs invested about $1 billion and renamed and repurposed it.
