Consumer SPAC Transformational CPG Acquisition withdraws $300 million IPO

Transformational CPG Acquisition, a blank check company formed by CPG veterans targeting the consumer sector, withdrew its plans for an initial public offering on Friday. It had filed in March 2021 to raise $300 million by offering 30 million units at $10, with each unit containing one share of common stock and one-third of a warrant.

The company is led by Chairman Charles Norris, the Chairman of pet food maker Freshpet (Nasdaq: 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 were set to be joined by Co-Presidents and Directors Nadim Barakat and Woody Boueiz, who are the Co-Founders and Co-CEOs of Transformational Capital Partners.

The New York, NY-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol TCPGU. J.P. Morgan, BofA Securities, and Nomura Securities were set to be the joint bookrunners on the deal.