Australasian food brand My Food Bag 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.
