When a baby food company co-founded by Jennifer Garner files to go public, you might think it's about building a lasting public company. Analyst Bennett Cheer from Hedgeye Risk Management sees something different: a well-worn playbook that ends with a buyout.

The Build-and-Sell Strategy

Speaking on Hedgeye's "The Call" podcast Wednesday, Cheer pointed to CEO John Foraker's history running Annie's Homegrown, another organic food brand that General Mills Inc. (GIS) snapped up back in 2014. The pattern is straightforward: build it up, grow it fast, then sell to a bigger consumer products company looking for growth.

Once Upon A Farm is aiming to raise roughly $208.9 million by selling nearly 11 million shares at $17 to $19 each, which would value the company at around $764 million. Cheer thinks that's actually low given the company's 64.6% compound annual growth rate, something he called "rare" in consumer products.

The Garner Factor and Tariff Troubles

The California-based company started in 2015 when Cassandra Curtis and Ari Raz launched it. Garner and Foraker came aboard as co-founders two years later, presumably bringing Hollywood star power and operational chops, respectively.

In its IPO prospectus, the company flagged risks around President Donald Trump's tariffs and trade barriers, especially with Mexico and South America. That matters because Once Upon A Farm sources a significant chunk of its fruit and vegetable ingredients from those regions.

The stock will trade on the New York Stock Exchange under ticker "OFRM" and is scheduled to debut February 6, 2026, according to IPOx. Goldman Sachs and JPMorgan Chase are leading the offering.