Family-owned pie maker Mrs Mac’s is seeking an emergency capital injection to pay down debt or a deep-pocketed new owner to take control of the group.
Street Talk can reveal Mrs Mac’s owners have KPMG’s advisers quietly taking a handful of potential investors through due diligence, as part of a quickfire 12-week auction aimed at recapitalising the business.Sources said Mrs Mac’s newish management team, based in Western Australia, fronted shortlisted suitors this week, after KPMG had taken a round of non-binding offers and whittled down the contenders.
It is understood this week’s management meetings focused on Mrs Mac’s slated turnaround plans. Management has had the reins for the past 12 to 18 months, and had to find ways to pay down debt and grow the business after a tough period.Suitors were told Mrs Mac’s was loss-making at the EBITDA line in the 2022 financial year, despite $68 million in net sales. It wants to get EBITDA back into the black next year and up to $5 million in FY24.
Mrs Mac’s is owned by Robert and Katrina Macgregor, according to ASIC filings. Westpac Banking Corp is understood to be its primary lender.
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