Pacific Equity Partners (PEP) is the force behind the company currently heavily promoting The Man Shake and The Lady Shake products through television advertising.
PEP took a controlling stake in Cranky Health in January 2022, investing alongside founders Adam MacDougall and his wife Belinda, who founded the company in 2013.
MacDougall is a former Newcastle Knights and Australian national Rugby League player. He developed the original Man Shake after he retired from Rugby League and wanted a convenient replacement when he did not have time to prepare a healthy meal. When friends began asking whether his shakes could be used for weight reduction, MacDougall recognised a commercial opportunity.
Cranky Health claims The Man Shake and The Lady Shake are now Australia’s leading meal replacement shakes. The company also sells other food products such as health food bars.
Cranky Health operates a predominantly direct-to-consumer business model through its own website. The business also has a growing retail presence with national distribution through grocery chains and pharmacies.
PEP invested early last year and has not disclosed the investment value made from its $2.5 billion Fund VI buyout vehicle. Based on the size of the fund, the investment is likely to value the business in the range $100 million to $200 million.
With Fund VI now 60% invested, PEP is expected to start raising a new buyout fund this year.
Image: Adam MacDougall with The Man Shake product.