Five V Capital nuts about muesli, snacks maker Table of Plenty
Adrian MacKenzie and Srdjan Dangubic’s private equity shop Five V Capital is set to sink its teeth into a tasty food sector acquisition.
Street Talk understands Five V Capital has been chomping on muesli and healthy snacks company Table of Plenty, and is nearing a deal which would see the firm take a significant stake in the company.
Table of Plenty would be a step into the food sector for Five V Capital, which is best known for investing in software and online-focused businesses. AFR
Table of Plenty was founded by former IT sector sales executive Kate Weiss in the early 2000s, and now sells its products in supermarket majors Coles and Woolworths, independent supermarkets and online. Her philosophy was about creating and selling food that she would feed to her own family.
The business is understood to be making about $10 million a year at the earnings line, and has big plans to grow that number with the help of its incoming investor. Dangubic is spearheading the deal.
Weiss’ hard work launching the business - and in attracting the supermarkets as customers - appears set to be rewarded. Table of Plenty finds itself in the right place at the right time, as consumers shift towards more healthy eating options and financial investors such as 5V Capital seek to make the most of the change.
Table of Plenty’s products include crunchy fruit-free nutty muesli, sold in the breakfast aisles at Coles and Woolworths for about $7 a box, triple berry rice cakes in the health foods aisle and dukkah and other spice in the spice section.
Table of Plenty and Five V Capital declined to comment on Sunday.
Hungry for more
It would be a step into the food sector for Five V Capital, which is best known for investing in software and online-focused businesses, such as graphic designs tearaway Canva, travel bookings system SiteMinder and loans group Plenti.
However, its founder MacKenzie, a former CVC dealmaker, has substantial experience in the retail sector, and the firm has done well at the now ASX-listed youth apparel retailer Universal Store Holdings. Five V Capital retained a 6.4 per cent stake in the company when it listed last year.
The deal comes at a busy time for Five V Capital, a Sydney-based private equity firm with more than $900 million in funds under management. The investor agreed terms to take a controlling stake in bulk commodities shipping specialist Monson Agencies Australia in March, and also secured a deal to acquire Ventia’s APP Corporation.
Meanwhile, it also recorded a big win at Canva, which secured a $20 billion valuation in a funding round announced last week, and signed a deal to sell its stake in payroll services business Ascender to a US strategic buyer in February.
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