Hollywood actress Jennifer Garner’s organic baby food company, Once Upon A Farm, is being viewed as an acquisition “play” by analyst Bennett Cheer of Hedgeye Risk Management, ahead of the company’s initial public offering.
The Acquisition ‘Playbook’
Speaking on “The Call” podcast by Hedgeye on Wednesday, Cheer highlighted CEO John Foraker’s track record, having previously run another organic food brand, Annie’s Homegrown, which was acquired by General Mills Inc. (NYSE:GIS) in 2014.
Cheer expects a similar “playbook” here, “build it up, grow it fast, and then eventually get bought,” he said, hinting at a potential acquisition by a bigger consumer products company.
He also added that the company’s potential $1 billion valuation post-IPO was “low” considering its strong compounded annual growth rate of 64.6%, which he said was “rare” in the consumer products space.
Once Upon A Farm did not immediately respond to Benzinga’s request for a comment. This story will be updated as soon as we receive a response.
Company Targets $764 Million Valuation Amid Tariff Risks
The California-based company plans to raise roughly $208.9 million by offering 10,997,209 shares priced between $17 and $19, with a target valuation of $764.4 million.
The company was founded by Cassandra Curtis and Ari Raz in 2015, with Garner and CEO Foraker joining as co-founders two years later.
In its prospectus, the company highlighted risks related to President Donald Trump’s tariffs and trade barriers, particularly against Mexico and South America, from where it currently sources a significant portion of its fruit and vegetable ingredients.
The stock is set to trade on the New York Stock Exchange under the ticker “OFRM” and is scheduled to debut on February 6, 2026, according to IPOx, an independent IPO calendar. Goldman Sachs and JPMorgan Chase are the joint lead bookrunning managers of this offering.
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