Consumer-focused SPAC Transformational CPG Acquisition files for a $300 million IPO

Transformational CPG Acquisition, a blank check company formed by CPG veterans targeting the consumer sector, filed on Monday with the SEC to raise up to $300 million in an initial public offering.

The New York, NY-based company plans to raise $300 million by offering 30 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Transformational CPG Acquisition will command a market value of $375 million. 

The company is led by Chairman Charles Norris, the Chairman of pet food maker Freshpet (FRPT; 2014 IPO), along with CEO and Director Daryl Brewster, the CEO of consulting firm Brookside Management and ESG non-profit CECP, a current director of Freshpet, and former CEO of Krispy Kreme. They are joined by Co-Presidents and Directors Nadim Barakat and Woody Boueiz, who are the Co-Founders and Co-CEOs of Transformational Capital Partners, and CFO Richard Kassar, the CFO of Hive Brands and former CFO of Freshpet.

Transformational CPG Acquisition intends to focus on consumer businesses, including packaged food, beverage, beauty and personal care, consumer durables and vitamins, minerals and supplements, that have the potential to benefit from management's broad set of experiences.

Transformational CPG Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol TCPGU. It filed confidentially on February 9, 2021. J.P. Morgan, BofA Securities and Nomura Securities are the joint bookrunners on the deal.