Offer now open

Letter from the Chair

Dear Investor,

On behalf of the My Food Bag Board, I am delighted to invite you to become an investor in our Company.

My Food Bag is an online food delivery business and is synonymous with meal kits in New Zealand. We are New Zealand’s longest standing meal kit provider and have delivered over 85 million meals to more than 300,000 New Zealand households since 2013.

Each week, we deliver thousands of bags full of fresh, tasty and locally sourced ingredients along with easy-to-follow recipes direct to families across New Zealand so that they can create nutritious meals in their homes. By investing in My Food Bag, you will have the opportunity to share in our mission to ‘inspire Kiwi families to be happier and healthier, one meal at a time’.

We offer the broadest range of meal kit bags in New Zealand under the My Food Bag, Bargain Box and Fresh Start brands, and most recently we have entered the ready-made meal market with the MADE brand. We focus on evolving our product offering through innovation and a strong understanding of customers’ needs to appeal to a wide range of New Zealand consumers.

My Food Bag operates in the fast growing online food delivery market. Global trends towards online shopping, and growing demand for food convenience and healthy living are key trends on which we can build our brands and product offerings. There is further opportunity for expansion within My Food Bag’s core meal kit and ready-made meal markets to align to consumer trends and play a bigger part in customers’ lives.

I am personally excited about My Food Bag’s growth opportunities beyond our core markets, with benefits expected after the Prospective Period. My Food Bag’s track record of innovation and established platform consisting of our extensive database, high brand awareness, proven e-commerce capability and nationwide distribution network positions the business well to expand into the wider food and grocery market.

We are committed to further improving our sustainability practices, focusing on minimising waste and reducing our environmental impact. Our strategic positioning of assembly centres across the country supports the reduction of transportation mileage. Relative to traditional food retailers, we source and deliver just the right amount of meal ingredients, supported by our like-minded suppliers. We also use sustainable packaging where possible, including re-usable crates, recycled cardboard and water ice packs.

Led by Kevin Bowler, My Food Bag has an accomplished and passionate management team supported by a diverse staff of 200 that have the expertise, skillset and vision to continue to deliver value for both shareholders and customers. In addition, we have an experienced board of directors with extensive experience in the grocery and e-commerce industries, and significant listed company experience.

Waterman Fund 3 LP is the major shareholder of My Food Bag with an approximate 66% shareholding. The balance of the shares are held by the co-founders of My Food Bag and others, including senior management. In addition to the issuance of new Shares to raise funds for My Food Bag, the Offer will enable Existing Shareholders to realise part of their investment in My Food Bag, allowing new investors and our Eligible Foodies to participate in our future success. The new funds raised by My Food Bag will be used to repay bank debt and pay transaction costs, which will assist in providing My Food Bag with balance sheet flexibility to pursue our growth strategy and to respond to trading conditions as required. Together, Existing Shareholders will retain at least 23.7% ownership of My Food Bag following the Offer, reflecting their ongoing support and belief in our vision.

My Food Bag’s Board and management are excited about offering you the opportunity to become a part of our future. This PDS contains important information about My Food Bag and the Offer. We encourage you to read this PDS carefully and consider in particular Section 8 (Risks to My Food Bag’s business and plans) before making your investment decision.

We look forward to My Food Bag becoming a publicly listed company and, on behalf of my fellow Directors, I welcome your interest in this Offer.

Yours sincerely,

Tony Carter