My Food Bag looks for buyers

Home delivery service My Food Bag is seeking expressions of interest from equity investors as it reviews its capital structure.

Co-chief executive Cecilia Robinson said the company had received a number of unsolicited approaches and had asked PricewaterhouseCoopers (PwC) to manage approaches with investors both in New Zealand and overseas.

Forecast revenue for 2017 is $135 million-plus.

"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," Robinson said in a statement.

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.

The company said it was open to a range of equity options and possible outcomes.

My Food Bag was founded in March 2013 and delivers a week's worth of recipes as well as the ingredients needed to make them throughout New Zealand and in Sydney and Melbourne.

The recipes are exclusive to My Food Bag and have been developed by a team of nutritionists and chefs including Nadia Lim, a co-founder of the company.

- NZ Herald

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