Real Good Foods Bundle
Who Owns Real Good Foods Company?
Understanding a company's ownership is key to grasping its strategic path and accountability. A significant recent event for The Real Good Food Company, Inc. was its voluntary delisting from Nasdaq and deregistration with the SEC, announced January 30, 2025.
This move followed Nasdaq's intent to suspend trading, underscoring the demands of public company status. The company, founded in 2016, aims to provide accessible, nutritious comfort foods.
Who owns Real Good Foods Company?
Who Founded Real Good Foods?
The Real Good Food Company, Inc. began its journey as The Real Good Food Company LLC, established in California on February 3, 2016. Josh Schreider, a former pizza shop owner, was the founder and served as president in the company's nascent stages. Bryan Freeman held the position of CEO from September 2017 to October 2020, guiding the company through its early development.
Founding Entity
The company was initially established as a Limited Liability Company (LLC) in California. This structure allowed for flexibility in its early operations before its transition to a public entity.
Founder's Background
Josh Schreider, the founder, brought experience from operating a pizza shop. This background likely informed the company's initial focus on convenient, comfort-style food products.
Early Leadership
Bryan Freeman served as the Chief Executive Officer during a critical early period. His tenure from September 2017 to October 2020 was instrumental in shaping the company's direction.
Initial Ownership Structure
Prior to its public offering, the company was wholly owned by its members. This internal ownership structure was in place before any external investment or public trading.
Founding Vision
The company's core mission was to offer healthier alternatives in the frozen food market. This included a focus on low-carbohydrate, high-protein, gluten-free, and grain-free options.
Lack of Public Detail
Specifics regarding the initial equity distribution among founders and early investors are not publicly disclosed. Information on early ownership disputes or buy-sell agreements is also unavailable.
Early Company Focus
The foundational vision of The Real Good Food Company was to innovate within the frozen food sector by catering to a growing demand for healthier convenience foods. This strategy aimed to fill a market gap for consumers seeking options that aligned with specific dietary preferences and health consciousness.
- Formation as an LLC in California on February 3, 2016.
- Founder Josh Schreider's background in the pizza industry.
- Bryan Freeman's tenure as CEO from September 2017 to October 2020.
- Initial ownership by company members before the IPO.
- Emphasis on low-carb, high-protein, gluten-free, and grain-free products.
- The company's early trajectory can be further understood by reviewing its Brief History of Real Good Foods.
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How Has Real Good Foods’s Ownership Changed Over Time?
The ownership structure of The Real Good Food Company, Inc. has seen significant shifts since its initial public offering (IPO) in November 2021. The company's decision to voluntarily delist from Nasdaq in January 2025 marked a pivotal moment, impacting its public trading status and regulatory transparency.
| Ownership Type | Percentage (as of specified dates) | Key Holders/Notes |
|---|---|---|
| Institutional Investors | 55.55% (as of February 5, 2025) | FMR LLC, Driehaus Capital Management LLC, Skylands Capital LLC, B. Riley Financial Inc., Blair William & Co. IL, AWM Investment Company Inc., First Eagle Investment Management LLC |
| Insiders | 5.43% (as of January 6, 2025) | Company management and board members |
| Class B Units (Pre-IPO) | 76% economic interest (immediately after IPO) | Held by members of Real Good Foods, LLC, with equivalent Class B common stock shares |
The Real Good Food Company, Inc. began its journey as a publicly traded entity on November 9, 2021, with an IPO that raised $64 million by offering 5,333,333 shares of Class A common stock at $12.00 per share. Initially, the company had two classes of stock: Class A, representing the entire economic interest, and Class B, which held no economic interest but carried voting rights. Post-IPO, the original members of Real Good Foods, LLC retained a substantial economic interest of 76% through Class B Units and corresponding Class B common stock shares. This structure indicated a significant influence from the founding group immediately following the public offering. Understanding the Mission, Vision & Core Values of Real Good Foods can provide context to the company's strategic direction and its stakeholders' interests.
Key Stakeholder Shifts and Delisting
The landscape of Real Good Foods ownership has evolved, with institutional investors becoming the dominant shareholder group. This shift reflects changing investment strategies and market perceptions.
- Institutional investors collectively held 55.55% of the company's stock as of February 5, 2025.
- Notable institutional shareholders include FMR LLC and Driehaus Capital Management LLC.
- Insiders represented 5.43% of ownership as of January 6, 2025.
- The company announced its voluntary delisting from Nasdaq on January 30, 2025, due to non-compliance with filing requirements.
- This delisting will reduce stock liquidity and transparency, moving the company away from public market scrutiny.
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Who Sits on Real Good Foods’s Board?
The current board of directors for The Real Good Food Company includes Bryan Freeman, who serves as Executive Chairman and Chairperson. Mr. Freeman has been with the company in various executive roles since September 2017. The board also comprises Gilbert B. de Cardenas and Mark J. Nelson, with Deanna T. Brady noted as a Director Nominee Consent in a June 23, 2025 filing.
| Director Name | Role | Tenure Start |
|---|---|---|
| Bryan Freeman | Executive Chairman and Chairperson of the Board of Directors | October 2020 (Executive Chairman) |
| Gilbert B. de Cardenas | Director | |
| Mark J. Nelson | Director | |
| Deanna T. Brady | Director Nominee |
The company's voting structure is based on two classes of common stock, Class A and Class B, with each share holding one vote. Post-IPO, Class A shareholders held approximately 24% of the total voting power. While specific details on preferential voting rights are not publicly disclosed, the board's composition, including an Executive Chairman and a lead independent director, indicates a governance framework designed to leverage experienced leadership and ensure independent oversight. There is no public record of recent proxy fights or activist investor involvement impacting Real Good Foods ownership.
Understanding Voting Power
The distribution of voting power is a key aspect of understanding who ultimately controls a company. For The Real Good Food Company, the dual-class stock structure influences shareholder influence.
- Class A and Class B common stock each carry one vote per share.
- Following the IPO, Class A shareholders controlled about 24% of the voting interest.
- The presence of an Executive Chairman suggests a significant leadership role in governance.
- A lead independent director is appointed to balance board responsibilities and ensure independent perspectives, a common practice in corporate governance.
- Information on specific voting rights beyond the per-share basis is not detailed in public filings.
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What Recent Changes Have Shaped Real Good Foods’s Ownership Landscape?
The ownership landscape of The Real Good Food Company has undergone significant transformation in recent years, marked by its public offering and subsequent strategic decisions. These shifts directly impact its shareholder base and operational transparency.
| Event | Date | Impact |
|---|---|---|
| IPO on Nasdaq | November 2021 | Became a publicly traded entity (RGF) |
| Voluntary Delisting from Nasdaq | Effective February 20, 2025 | Reduced stock liquidity and transparency |
| Reverse Stock Split | Effective January 3, 2025 | 12-to-1 split to meet Nasdaq bid price requirements |
The company's journey as a public entity has been characterized by both growth and financial challenges, leading to substantial changes in its corporate structure and investor relations. These developments are crucial for understanding the current Real Good Foods ownership and its future direction.
Financial Performance Trends
Revenue saw an 18.88% increase over the last twelve months as of Q3 2023, reaching $156 million. However, profitability remains a concern, with a negative operating income margin of -25.27% in the same period.
Strategic Financial Adjustments
The company has undertaken financial restatements for 2022 and parts of 2023 due to revenue recognition errors. Additionally, its revolving credit facility was increased to $46 million in August 2024.
Product Innovation and Strategy
In July 2025, the company launched a new line of breaded chicken products formulated without industrial seed oils. This initiative aligns with a broader commitment to eliminate industrial oils across its entire product portfolio.
Shift from Public Trading
The decision to delist from Nasdaq and deregister with the SEC signifies a move away from public market scrutiny. This change was attributed to the substantial financial and administrative burdens associated with being a public company.
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- What is Brief History of Real Good Foods Company?
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