Successful Australasian meal kit brand My Food Bag reviewing capital structure

News provided by

May 03, 2016, 08:00 ET

NEW YORK, May 3, 2016 /PRNewswire/ -- One of the fastest growing food brands in Australasia, My Food Bag (www.myfoodbag.co.nz), is seeking expressions of interest from equity investors as it reviews its capital structure.

Home delivery service My Food Bag has 35,000 active customers in New Zealand and Australia and annual growth of 120 per cent in number of weekly deliveries.

PricewaterhouseCoopers (PwC) New Zealand has been appointed to manage approaches with investors in New Zealand and internationally. The company has received a number of unsolicited approaches and the shareholders are open to a range of equity options.

Forecast revenue for the financial year 2017 is NZ$135 million-plus in Australasia. My Food Bag Chairman Kevin Roberts says "My Food Bag is growing at a phenomenal rate. We believe the company has further potential to expand its product range as well as extending to other markets. We're seeking investment to accelerate our strategic growth plans."

Mr Roberts says My Food Bag is similar to US companies such as Blue Apron, Plated and Hello Fresh, though it has enjoyed relative scale, market leadership and first mover advantage not possible in the crowded US market where over 170 meal kit companies operate.

About My Food Bag:

My Food Bag is a subscription home delivery service where customers who order online receive food bags containing the ingredients and recipes for a week's main dinner meals. The business is the brainchild of entrepreneur Cecilia Robinson, who is co-CEO alongside her husband James Robinson. Prominent New Zealand businesswoman Theresa Gattung is also involved in the business as an active shareholder, co-founder and director. The recipes are exclusive to My Food Bag and have been developed by My Food Bag's team of nutritionists and chefs including Nadia Lim as co-founder. All recipes are developed according to Nadia's Nude Food philosophy of ignoring the hype, trusting your instincts and eating real food. Business leader and Chairman of Saatchi & Saatchi Worldwide Kevin Roberts is an investor and Chairman of the My Food Bag board. All My Food Bag ingredients are fresh, free range and sourced in New Zealand wherever possible. The recipes include nutritional analysis and cooking tips. My Food Bag is available throughout New Zealand as well as Sydney and Melbourne. Visit www.myfoodbag.co.nz or www.myfoodbag.com.au