Man Shake founder Adam MacDougall buys the brand back from Pacific Equity Partners
Adam "Mad Dog" MacDougall has regained control of The Man Shake, buying the meal-replacement brand back from private equity firm Pacific Equity Partners (PEP). The buyback price was not disclosed. PEP had backed the business since 2022, in a deal that valued it at around A$400 million.
Transaction snapshot
Deal value: Undisclosed
Deal multiples: N/A
Deal type: Acquisition — founder buyback from private equity
Investors: Adam MacDougall (buyer, founder); Pacific Equity Partners (seller)
MacDougall emerged as the successful bidder after PEP appointed advisors to run a competitive sale process. The transaction returns ownership to the founder, a former Newcastle Knights premiership winner and State of Origin representative who launched The Man Shake after retiring from rugby league.
The business sits under parent company Cranky Health, which MacDougall founded in 2013 with his wife Belinda. Its range has since grown beyond the original men's shake to include The Lady Shake, along with shake powders, snack bars and drinks. It sells mainly direct-to-consumer through its own website, with national retail distribution through grocery chains and pharmacies.
PEP took a controlling stake in January 2022, investing about A$200 million and valuing the business at around A$400 million. The firm moved quickly to expand the brand portfolio and build out manufacturing. That plan was derailed by the rapid uptake of GLP-1 weight-loss drugs such as Ozempic and Mounjaro. More than half a million Australians now take GLP-1 medications each month, and sales rose almost tenfold between May 2020 and April 2025, disrupting the traditional meal-replacement category.
The financial strain was significant. PEP told limited partners in an April 2025 update that Cranky Health was worth less than the A$200 million it had originally invested, and the business was reported to be about 25 times leveraged. MacDougall has framed the buyback as a bet on the brand's next phase, with the health and nutrition sector still drawing demand for convenient products and established names with loyal customers.
