Nadia Lim and her partner Carlos Bagrie are likely to have banked about $11 million this week after the sale of My Food Bag to a private equity firm.
Nadia Lim and her partner Carlos Bagrie are likely to have banked about $11 million this week after the sale of My Food Bag to a private equity firm.
Celebrity chef and dietician Nadia Lim and her partner Carlos Bagrie are likely to have banked about $11 million this week after the sale of My Food Bag to a private equity firm.
It marks another chapter in Lim's incredible journey from reality TV winner on MasterChef NZ to successfulbusinesswoman.
Lim, with the other My Food Bag founders - Cecilia Robinson and Theresa Gattung - are staying tight lipped about the sale price citing the private status of both companies involved.
Lim did not return a call to discuss the value of the deal.
But market sources have suggested the fast growing consumer company might have been valued at as much as $120 million.
Lim and Bagrie owned 19 per cent of the company, meaning the deal would have been worth $22.8 million for them in cash and shares.
The parties involved won't even discuss how much of My Food Bag has been sold.
However - based on the fact that buyers Waterman Capital will take three seats on the company's board, with the founders retaining just two - it is reasonable to assume that at least half has been sold.
That makes it likely that Lim and Bagrie received more than $11 million in cash with the rest of the value retained as a stake in the company.
While it is understood Lim will step down from the My Food Bag board of directors she will retain a brand ambassador role and stay very much the face of the company.
Cecilia Robinson, the originator of the My Food Bag concept, and her husband James owned a much bigger stake in the company at 38 per cent.
That would translate to a value of more than $40 million for the deal - half in cash and half in the shareholding they retain.
Nadia Lim and Carlos Bagrie. Photo / Norrie Montgomery
Former Telecom chief Theresa Gattung also held a 38 per cent stake.
The remaining 5 per cent of the company was owned by Kevin Roberts, former head of global advertising firm Saatchi & Saatchi.
Roberts stood down from that role earlier this year after controversy about remarks he made on gender diversity in the industry.
Based on the $120 million value assumption he would see about $3 million in cash from the deal and retain a $3 million share of the company.
It is understood he and Gattung will stay on the board of directors to work with the Waterman team - and Robinson who stays on as CEO.
The company has said it plans to work towards a share market listing within three years which means the deal could be worth considerably more to the founders if the company can meet key growth milestones along the way.
