Did Jennifer Garner just unlock the secret formula for a successful IPO? Her company, Once Upon a Farm, just went public and shares are soaring.
From Baby Food to Wall Street Darling
Once Upon a Farm, co-founded by Jennifer Garner, Cassandra Curtis, and John Foraker, recently went public on the New York Stock Exchange. Curtis originally founded the company as a nutritional baby food brand over a decade ago. Garner and Foraker joined more than eight years ago to scale the business; Foraker, previously CEO of Annie's, now serves as the company's CEO.The company's IPO raised $198 million, giving Once Upon a Farm a valuation of $724 million. The share price quickly jumped almost 40% from its initial $18 offering. According to their S-1 filing, the company currently generates $200 million in annual sales and distributes its products in 19,000 stores.
"Farmer Jen" and the Mission
Garner, also known as "Farmer Jen," will remain on the board of directors and continue her role as spokesperson. Her compensation includes a $1 million payment last year and an expected $2 million to $3 million annually through 2028, not including stock options and bonuses. "Keeping this company independent...really gives us the chance to stay true to our values of trying to democratize great food for all kids," Garner said.The IPO will allow Once Upon a Farm to focus on expanding its product line for older kids, particularly in the "lunchbox" category. The company named-checked the Make America Healthy Again movement in its S-1, signaling its potential impact on food regulation. Curtis noted that the U.S. dietary guidelines are "finally catching up to what we’ve always stood for, and really emphasizing real food, less processed, fruits and veggies."
