VPEG2 investee Waterman Capital Fund 3 portfolio company My Food Bag, ready’s New Zealand’s largest IPO listing which values the company at $NZ474.6 million
In 2016, Waterman Capital Fund 3 made an investment in New Zealand’s leading meal kit provider, which at the time was servicing over 50,000 households. Today the company now has provided over 85 million meals to a significant database of over 300,000 customers.
During Waterman’s Ownership, management intensely focussed on developing healthy and delicious recipes, product innovation and exceptional customer service. These initiatives have resonated with New Zealand customers, which has allowed the company to service customer needs with their portfolio of product offerings designed to appeal to a wide range of customer preferences. These brands comprise of, including the My Food Bag meal kit brand, affordable meal kit brand Bargain Box, weight loss offering Fresh Start and ready-made meal arm Made.
My Food Bag delivered $NZ153.3 million revenue and $NZ16.3 million EBITDA in fiscal 2020. Forecasts are suggesting that the company will deliver $NZ186.4 million in total revenue and $NZ34.2 million EBITDA in 2022 financial year.
My Food Bag is expected to list on the NZX and ASX on the 5th March 2021 at a share price of $1.85 implying an enterprise value of NZ$474.6 million. Upon listing Waterman Capital Fund 3 will realise a portion of their investment holding, with the Fund retaining 15% holding in the company post IPO.
Once Fully completed the exit will deliver a strong performing returns for Waterman Capital Fund 3 investors, including VPEG2 investors across a 4.3 year hold period. The realised proceeds from the IPO will be distributed by Waterman Capital 3 to VPEG2 upon the completion of the partial sell down and will subsequently be distributed to VPEG2 investors during March 2021.