Who Owns Vital Farms Company?

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Who Owns Vital Farms?

Understanding the ownership of a company like Vital Farms is key to grasping its mission and trajectory. As a Certified B Corporation, its ethical framework is central to its identity.

Vital Farms, a leader in pasture-raised products, has seen substantial growth, reporting net revenue of $606.31 million in 2024 and aiming for $770 million in 2025. Its IPO in 2020 marked a significant step in its public ownership journey.

Who holds the reins of this ethically-driven food producer?

Vital Farms was established in 2007 by Matthew O'Hayer, who initiated the company alongside Catherine Stewart. O'Hayer, an entrepreneur with a background as a chef and organic gardener, began with a modest operation of 20 hens on a 27-acre farm in Austin, Texas, driven by a commitment to ethical food production. He also played a key role as the president of the Organic Egg Farmers of America. The company's early funding was primarily self-generated, emphasizing a lean, mission-focused approach over substantial initial venture capital.

Founding Vision Founded in 2007 by Matthew O'Hayer and Catherine Stewart, the company was built on a mission for ethically produced food. Initial Operations The venture began with just 20 hens on a 27-acre farm in Austin, Texas, reflecting a grassroots approach. Founder's Background Matthew O'Hayer brought experience as an entrepreneur, chef, and organic gardener to the company's inception. Early Funding The company's initial growth was largely self-funded, prioritizing its mission over early external investment. Key Investors Notable early institutional investors included Sunrise Strategic Partners and Manna Tree. Founder's Stake Prior to its IPO, Matthew O'Hayer maintained the position of the largest shareholder, holding approximately 35% of the company's stock.

As the company expanded, it secured a total of $50 million in funding across seven rounds from various investors. This financial backing supported its growth and market presence. The founders' vision for humane and sustainable farming practices was integral to the company's early trajectory and the structure of ownership distribution. Understanding the Competitors Landscape of Vital Farms provides context for its unique market positioning.

Early Ownership Dynamics

The initial ownership structure of Vital Farms was heavily influenced by its founders, reflecting a strong commitment to their core mission.

• Matthew O'Hayer, one of the founders, remained the largest shareholder with approximately 35% of the company's stock prior to its public offering.
• The company raised a total of $50 million in funding across seven rounds, indicating significant investor confidence in its early stages.
• Key institutional investors like Sunrise Strategic Partners and Manna Tree acquired stakes during this formative period.
• While specific details on early vesting or buy-sell agreements are not publicly disclosed, the founders' vision was central to the company's development and ownership distribution.

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The ownership of Vital Farms underwent a significant transformation with its Initial Public Offering (IPO) on July 31, 2020. This event marked its transition to a publicly traded entity, impacting its shareholder base and capital structure.

Following its IPO, Vital Farms has seen its ownership largely consolidated by institutional investors, though a significant portion remains with its founders and executives. This distribution reflects both the public market's engagement and the founders' continued commitment to the company's vision. The company's journey from its founding to becoming a publicly traded entity is detailed in a Brief History of Vital Farms.

Vital Farms Ownership Landscape

Vital Farms' ownership structure is primarily dominated by institutional investors, with insiders also holding a substantial stake. This balance influences the company's strategic direction and operational governance.

• Vital Farms became a publicly traded company on July 31, 2020, listing on the Nasdaq Global Select Market under the ticker VITL.
• As of May 2025, institutional investors held approximately 91.5% of the company's stock.
• Key institutional shareholders include BlackRock, Inc., Wellington Management Group LLP, and The Vanguard Group, Inc.
• Founder Matthew O'Hayer is a significant individual shareholder, holding 21.00% of the company's stock as of February 24, 2025.
• Russell Diez-Canseco, the President and CEO, also holds shares, representing 1.33% as of August 12, 2025.

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Vital Farms' governance is steered by a Board of Directors, with founder Matthew O'Hayer serving as Executive Chairman. The board's composition, which expanded to nine members as of July 1, 2025, includes key figures like CEO Russell Diez-Canseco and Lead Independent Director Denny Marie Post. This structure aims to balance stakeholder interests and ensure effective oversight of the company's operations.

The board's structure is designed for continuity and stability, with directors serving three-year staggered terms. This staggered approach means that not all board seats are up for election simultaneously, providing a consistent leadership framework. The company prohibits cumulative voting for directors, meaning shareholders cannot concentrate their votes on a single candidate. Director removal requires a significant majority, specifically at least 66 2/3% of the outstanding voting stock, and can only occur for cause. Any vacancies that arise are filled by the Board of Directors itself, further reinforcing its self-governance capabilities. While the general voting principle is one-share-one-vote for common stock, Matthew O'Hayer's substantial founder's stake grants him considerable influence over significant company decisions, impacting the overall Vital Farms ownership dynamics.

Board Governance and Shareholder Influence

Vital Farms' board structure emphasizes staggered terms and specific removal thresholds to ensure stable governance. Founder Matthew O'Hayer holds significant voting power, influencing key company decisions.

• Board members serve three-year staggered terms.
• Director removal requires a 66 2/3% vote of outstanding stock for cause.
• Vacancies are filled by the Board of Directors.
• Founder's stake provides substantial voting influence.

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In the past three to five years, Vital Farms has seen notable shifts in its ownership structure, largely influenced by its 2020 Initial Public Offering (IPO) and subsequent interest from institutional investors. This period has marked a significant increase in institutional shareholding, reflecting a growing confidence in the company's market trajectory and ethical business practices.

Institutional investors have been actively increasing their stakes in Vital Farms, signaling strong conviction in the company's future. This trend is exemplified by significant position expansions from major players in the investment landscape.

Major Institutional Investor Activity

Wellington Management Group LLP boosted its holdings by 417.8% in Q4 2024. Lord Abbett & CO. LLC also grew its position by 64.6% during the same period. Divisadero Street Capital Management, LP acquired over 2.2 million shares in November 2024, raising its stake to 5.20%.

Insider Transactions and Share Buybacks

While institutional investment is up, some insiders have engaged in selling. SVP Stephanie Coon sold 10,005 shares in August 2025, and CFO Thilo Wrede sold 1,200 shares in July 2025. Founder Matthew O'Hayer reported planned sales of 5,000 shares on August 7 and August 8, 2025, following previous sales. The company has not reported any share buybacks, with figures at $0.00 as of March 30, 2025.

Strategic Growth and Leadership Additions

Vital Farms is expanding its operational footprint, including a corporate asset purchase for a new egg washing and packing facility in Indiana in May 2024. The company also welcomed Billy Cyr to its Board of Directors, effective July 1, 2025.

Financial Performance and Future Outlook

The company's share price has shown strong performance, increasing by 55.7% from August 2024 to August 20, 2025, outperforming the S&P 500. Management projects net revenue of at least $770 million for fiscal year 2025 and aims for $1 billion by 2027, supported by an expanding network that surpassed 500 family farms in July 2025. Understanding the Mission, Vision & Core Values of Vital Farms provides context for its business model and investor appeal.

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