Lim: From MasterChef to My Money Bag (2024)

Lim: From MasterChef to My Money Bag (1)

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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 successful businesswoman.

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.

Lim: From MasterChef to My Money Bag (2)

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.

It has certainly been on a rapid growth path so far with more than 50,000 customers and more than 1 million meals delivered since it launched in 2013.

Auckland-born Lim won the 2011 series of MasterChef NZ. She helped launch My Food Bag in 2013.

Lim: From MasterChef to My Money Bag (2024)

FAQs

What was the biggest MasterChef scandal? ›

In 2013, "MasterChef" judges and producers were accused of sexual, mental, and physical harassment by former contestants. Many accusations came from a blog post by former contestant Marie Porter, where she describes how friends she met on the show were allegedly sexually and physically harassed by judges and producers.

Do the contestants on MasterChef get paid? ›

Yep, reports on the show have revealed that contestants are actually only paid slightly more than the legal minimum wage.

What does MasterChef do with leftover food? ›

We have large commercial refrigerators for use off the kitchen studio so that ingredients can be kept fresher for longer. Anything else, like leftover fruit and veg, we donate to the local food charities or food banks closest to our location.

Does 2nd place in MasterChef get anything? ›

Although she didn't win the ultimate prize this season, 47-year-old Rhiannon Anderson received $40,000 for finishing in second place.

Who got fired from MasterChef? ›

News that the long-running cooking contest would move to a four-host line-up next year, with only Andy Allen returning, broke on Monday, on the eve of the network's upfront presentation in Sydney on Tuesday morning. Melissa Leong has been axed from MasterChef Australia.

Which MasterChef winner didn't spend any of the $250000 prize money on himself? ›

Narayan confessed he had “never been asked this question publicly”, before revealing he hadn't spent a cent of the winnings on himself.

Do the diners on MasterChef pay for their meals? ›

According to fans who have appeared on the show, diners don't usually have have to pay for their meals.

Are they allowed to look at recipes on MasterChef? ›

It's up to each contestant to memorise any recipes they hope to use on the show, as well as spend any spare time practising new techniques and dishes as the competition progresses. "We can't take recipes," Mupedzi told Refinery29 Australia back in 2023.

How much does Gordon Ramsay make per episode of MasterChef? ›

While Ramsay doesn't directly profit from the restaurants he helps in Kitchen Nightmares, he's estimated to earn $225,000 per episode.

Who is the most successful MasterChef winner? ›

When it comes to contestants who've owned the most restaurants, Thomasina Miers sits in first place. After her win in the MasterChef kitchen back in 2005, she opened her first Wahaca restaurant in London in 2007.

Has anyone ever dropped their dish in MasterChef? ›

Alejandro Valdivia was sent packing on Episode 6 of “MasterChef: Back to Win” after failing to lead the Red Team to a win in the first team challenge. The 40-year old from Atlanta was team captain and, aside from his lack of leadership, dropped a steak on the ground and then attempted to serve it.

Is the food always cold on MasterChef? ›

They're essentially eating cold food.” Cookist shared that most cooking show judges are indeed used to judging cold food, adding that MasterChef judges often do the *real* evaluations by the chefs' bench, while they're still cooking.

What was the official cause of death of Jock Zonfrillo? ›

Sources close to the family maintained that Zonfrillo, a former heroin addict, died of natural causes. There was no drug paraphernalia found in the hotel room.

Has MasterChef ever had 2 winners? ›

MasterChef judges have served up a first - by declaring joint winners in the final of the latest series. Keri Moss, 41, and Anton Piotrowski, 30, shared the title as MasterChef: The Professionals reached its climax and they still could not be separated.

Do MasterChef contestants get to keep their aprons? ›

Contestants on MasterChef are generally allowed to keep their aprons as a keepsake that symbolizes their journey on the show; however, policies may vary by country and season.

What is the most controversial top chef? ›

In probably the biggest scandal in 'Top Chef' history, Cliff Crooks was sent home for, well, hazing, fellow cheftestant Marcel Vigneron. Cliff, Elia, and Ilan had the brilliant idea of shaving Marcel's head (after shaving their own of course), but Cliff forcefully held down Marcel to make it happen.

Why were the MasterChef judges sacked? ›

In 2019 – 11 seasons in – MasterChef and Ten experienced its first existential crisis when the show's trio of judges refused to sign on for another year. Media sources said at the time Preston, Calombaris and Mehigan were pushing for more pay, wanting a slice of the revenue MasterChef made overseas.

Has anyone been disqualified from MasterChef? ›

He was a decent cook, but was infamous for serving food from another home cook that wasn't cooked by himself. Despite the understanding that the incident was an accident, he made history for being the first contestant ever to be disqualified from MasterChef, although he took his elimination gracefully.

Who is the most famous person from MasterChef? ›

MasterChef season 3 winner Christine Hà is arguably one of the most successful in the franchise. With over 150k followers on Instagram, the Vietnamese-American MasterChef is the most followed contestant of all time. She was the first blind contestant in the show's history.

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