My Muscle Chef gets PE backing

My Muscle Chef gets PE backing

My Muscle Chef, an Australian supplier of prepared meals and protein shakes marketed on their health credentials, has secured fresh investment, with local buy-out house Quadrant Private Equity backing the business.

According to The Australian Financial Review, Quadrant is to reportedly invest more than AUD100m (US$71.6m) into the Sydney-based My Muscle Chef, set up in 2013 and which sells directly to consumers, as well as through physical stores.

Approached by just-food, My Muscle Chef confirmed it has attracted investment from Quadrant but did not confirm the amount it is to put into the company. The size of the stake Quadrant is to have in the business has not been disclosed.

"Quadrant's focus will be to harness the power of the brand and business to accelerate growth," My Muscle Chef said in a statement to just-food.

"The business has grown 100% a year over the past three years following a shift to freshly-prepared, ready-made-meals that are designed by sports nutritionists to support the health goals of their customers. Revenue is now approaching AUD150m with growth continuing to accelerate."

My Muscle Chef claims to be "one of the largest direct-to-consumer food businesses in the country". It says it delivers 400,000 meals per week, with 75% directly to its customer base of over 100,000.

The firm's physical stockists include IGA, Romeo's and FoodWorks.

Earlier this week, US e-commerce meal-delivery firm Freshly announced it had agreed to an offer from minority investor Nestlé to buy the rest of the business.

After holding a 16% stake for three years, the world's largest food maker has decided to snap up the rest of Freshly, valuing the New York-based company at US$950m.

The deal includes "potential earn-outs" worth up to $550m based on the "successful growth of the business", Nestlé said.

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