Press Release

Vital Farms – $235.4 Million IPO

Cooley’s first completed IPO for certified B Corporation and Delaware public benefit corporation
August 11, 2020

Washington, DC – August 11, 2020 – Cooley advised Vital Farms, a certified B Corporation and Delaware public benefit corporation that offers a range of ethically produced pasture-raised food products nationwide, on its $235.4 million initial public offering of 10,699,573 shares of common stock, which includes the full exercise of the underwriters’ option to purchase additional shares. The transaction represents Cooley’s first completed IPO for a certified B Corporation. Partners Mike Lincoln, Nicole Brookshire, Darren DeStefano and Jaime Chase led the Cooley team advising Vital Farms. 

Goldman Sachs, Morgan Stanley and Credit Suisse acted as joint lead bookrunning managers for the offering. Jefferies, BMO Capital Markets, and Stifel, Nicolaus & Company acted as bookrunning managers.

Vital Farms, whose securities now trade on the Nasdaq Global Select Market under the symbol “VITL,” started on a single farm in Austin, Texas, in 2007. With its products now sold in approximately 13,000 stores, it is the leading US brand of pasture-raised eggs and butter by retail dollar sales. Vital Farms’ ethics are exemplified by its focus on the humane treatment of farm animals and sustainable farming practices and its emphasis on the long-term benefits of each of its stakeholders. 

Cooley represents more than 100 certified B Corporations, which balance purpose and profit by using business as a force for good, on a range of legal matters. 

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