Marathon Acquires 19.8% Stake in MBL Food Services


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24 April 2018 – Marathon and associates have acquired a 19.8% stake in MBL Food Services, an unlisted public company headquartered in Western Australia with annual sales in excess of $20 million and over $13 million of net tangible assets, which provides a solid foundation for future growth.

Lloyd Hirst and Matthew Smith, respectively, the Chief Investment Officer and Chief Executive of Menninger Capital, will assume two board seats of MBL Food Services.

Our objective is to partner with the companies in which we invest by providing long-term patient capital. We are excited to work in partnership with the existing board and management team to build MBL Food Services into the National Leader of Food Services,” Mr Smith said.

MBL Food Services is a wholesale and retail establishment serving the meat, bakery and food service industries in Western Australia. In 2018, MBL Food Services celebrates its 69th Anniversary, which is an achievement recognised and valued by Marathon.

Mr Hirst said, “We are driven by our passion to be a partner to world class businesses. MBL Food Services has over two-thirds of a century of brand equity in an industry which we understand. As a partner, we act in a constructive manner to support management teams and boards in creating long lasting shareholder value.”

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If you would like to apply to invest in Marathon,

please call +61 7 4728 8000 or email

About Marathon Consolidated Ltd

Marathon is a balance between an old-fashioned public company, private equity and a hedge fund. We utilise many of the same tools as private equity and hedge fund managers – investment analysis, investment activism and adaptive management. We view our portfolio as dynamic, reacting to opportunities as they develop.

However, unlike private equity firms we use little to no leverage. Compared to hedge funds, we do this all in the public forum allowing our investors greater transparency and most importantly, the ability to act on their own accord.

Marathon’s investment manager is Menninger Capital. AFS License No. 455364

About Menninger Capital

Menninger manages exclusive global investment funds for private groups of investment partners who share our unequivocal long term value investment philosophy. Menninger is driven by passion to be a partner of world class businesses and its corporate advisory capabilities complement its investment management activities. As a partner, we act in a constructive manner to support management teams and boards in creating long lasting shareholder value.

Menninger Capital represents the investment management activities conducted by Menninger Capital Pty Limited or any of its subsidiaries. Clients will be provided Menninger Capital products or services by one or more legal entities that will be identified to clients pursuant to the contracts, agreements, offering material or other documentation relevant to such products or services.

For more information visit or call +61 7 4728 8000.

We encourage you to think of investing as a long-term pursuit.

Important Information: This report has been prepared by Menninger Capital. This report is for distribution only under such circumstances as may be permitted by applicable law. It has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. It is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in the report. The report should not be regarded by recipients as a substitute for the exercise of their own judgement. Any opinions expressed in this report are subject to change without notice. The analysis contained herein is based on numerous assumptions. Different assumptions could result in materially different results. Menninger Capital is under no obligation to update or keep current the information contained herein. Past performance is not necessarily a guide to future performance. Estimates of future performance are based on assumptions that may not be realised.

Matt Smith