Beyond Nourishment has hired investment banks for an initial public offering, people informal with the matter tell CNBC.
The plant-based food company has pegged J.P Morgan, Goldman Sachs and Credit Suisse to help lead the IPO, voiced the people, who asked not to be named because the talks are private. It could not be forthwith determined what valuation Beyond Meat will seek in its IPO.
Beyond Pith did not respond to multiple requests for comment. J.P. Morgan, Credit Suisse and Goldman Sachs dipped to comment.
The IPO will be the first public stock offering for one of the slew of new companies that become vegetarian meat products that also appeal to carnivores. Labels like Impossible Foods and Modern Meadow have taken service better of the increasing public awareness of the potential health risks and environmental distresses around meat consumption.
Unlike previous vegetarian iterations, they’ve generated products that closely mimic the taste and texture of real vital part.
The National Institutes of Health published a report in 2012 that whispered regular red meat consumption could shorten consumers’ lifespan. It introduced that eaters “might help improve their health by substituting other bracing protein sources for some of the red meat they eat.”
Nearly 40 percent of Americans are vexing to eat more plant-based foods, according to a Nielsen Homescan survey.
The approximately $30 billion processed meat industry last year grew by 2 percent, while the the $1.4 billion vital part alternatives industry grew by 22 percent, according to data care Euromonitor.
The U.S. Cattlemen’s Association, however, has taken issue with vegetarian theatre troupes calling their products meat. The group filed a petition with the U.S. Hang on of Agriculture in February requesting official definitions for the terms “beef” and “grub.”
Beyond Meat has sold 25 million of its “Beyond Burgers” since 2016, according to the troop. Restaurants, including TGI Friday’s, sell it on its menu. White Castle over persuades the Impossible Burger, which Eater magazine called “one of the country’s most desirable fast-food burgers, period” in April.
The Los Angeles-based Beyond Meat was initiate in 2009 by CEO Ethan Brown. It sells its products in more than 32,000 grocery trust ins, restaurants and other outlets across the U.S. Whole Foods, Kroger and Quarry all sell Beyond Meat items.
It has attracted an array of high-profile investors, embracing Bill Gates, Leonardo DiCaprio, Jack & Suzy Welch, Kleiner Perkins and Tyson Foods, the comrades said last year.