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Maximuscle founder weighs into health market with £150m fund
by James Hurley - 08/03/2011
"Zef Eisenberg beefs up lending to health and fitness businesses with £150m fund following completion of £162m Maximuscle exit. "
Fresh from selling his sports nutrition business Maximuscle to GlaxoSmithKline (GSK) for £162m in December, Zef Eisenberg is launching a £150m fund to invest in health and fitness businesses.
Zef Eisenberg, Maxicorp
Zef Eisenberg, founder of the Guernsey-based fund, which is also a vehicle for property investments, says it may only invest in one business this year.
After spending 15 years at the company he founded with £3,000, he would be forgiven for choosing a lengthy holiday over listening to pitches for investment from small businesses.
But since last Monday, when he officially left Maximuscle after declining an offer from GSK to stay on as a consultant, he’s been busy investigating business plans from three entrepreneurs.
“I’ve decided to walk away completely. There are too many exciting opportunities around – as a consultant I would have had various obligations and it’s time to do something new.”
He said the fund, called Maxicorp, is looking to invest in health food brands, nutritional supplements and gym chains. “The businesses will have a health and wellness angle to it. I’m not interested in confectionary.”
However, the Guernsey-based fund, which is also a vehicle for property investments, may only invest in one business this year.
“We’re looking at three businesses already, but one investment this year would be nice – once you’ve done the due diligence these things often don’t look as attractive as the summary sheet.”
He said he’d been surprised by the number of pitches he’s seen in which entrepreneurs made unrealistic projections and had exaggerated the quality of their accounts.
“Many companies that we’ve seen try to impress investors with accounts that aren’t foolproof. Once you delve and ask questions, the projections start to fall over. It’s frustrating. You get a lot of salesmanship, everyone ends up wasting time and you lose trust. We’ll invest in companies that are realistic and sensible and can back up what they say.”
Maxicorp will insist on a board seat in each investment, Mr Eisenberg said. “My whole remit is to be fairly hands on. We won’t make any investment unless I’m able to help manage and provide the expertise that I have.”
Mr Eisenberg said he’s been looking to invest in a chain of gyms for some time, but has been frustrated by a “mature and saturated market” in the UK. Now, he wants to back growing chains targeting emerging markets in Eastern Europe and Asia.
He added that it will target deals across an unusually broad range, although it won’t invest in start-ups.
“We’re looking at deals as the moment that are as small as £1m, but that would be with the requirement for follow-on money. We’ll also go up to as much as £150m by doing joint ventures with other funds and partners. If I find an opportunity, the size isn’t relevant. For the right business, I’ll easily find the right partners to work with.”
More Details: http://www.telegraph.co.uk/finance/businessclub/8365827/Maximuscle-founder-weighs-into-health-market-with-150m-fund.html
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