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New Zealand's Leading Holistic Health Company

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BePure supplies nutritional products, clinical services and wellness testing nationwide, selling most of its products and services on a subscription basis, and leading the holistic health and wellness space in New Zealand.

Founded by leading clinical nutritionist Ben Warren, BePure has built a strong brand and an impressive social media following with highly engaged customers who understand the value in BePure's ability to improve their lives.

Our mission is to create a new future of health for New Zealand and across the globe where people are empowered to take back ownership of their health.

Since the brand relaunch in 2015, BePure has educated more than 65,000 people at Ben’s nationwide seminars, supplied thousands of people with BePure nutritional products, supported almost 5,000 clients through the BePure Clinic and launched Eve Health in February 2019 to provide easy access to leading at home wellness testing.

The BePure Group

BePure consists of three businesses, each supporting and leveraging from the other to provide numerous inter-company distribution opportunities:

  1. BePure Health: Provides premium high quality, high efficacy nutritional health products, distributed direct to the consumer via our online store and subscription service, along with being stocked in 150 retail stores throughout New Zealand (e.g. Health 2000).
  2. BePure Clinic: Provides personalised clinical consultations and programmes on a monthly subscription basis. These are now mostly delivered via video conferencing, enabling the service to be utilised nationwide. The clinic service directly links to the distribution of BePure Health product and Eve testing lines.
  3. Eve Health: Provides an at-home collection health testing service. Launched in February 2019 with its first test, a Hormone Balance Test, Eve Health is a forward thinking service that is cutting a new track for health, making it easier for customers to access this type of testing in the comfort of their homes, with clearer and more actionable insights from the results.

BePure’s strength is in the interlinked nature of the Group that generates a strong cycle of customer education and health products that alleviate issues and promote a healthy lifestyle. Ben Warren is also one of the most popular wellness spokespeople in NZ. 

Investment Highlights

BePure’s mission to create the future of health requires authentic purposeful actions and results. It’s a mission BePure is wholly committed to and this commitment and dedication is what we attribute our success to so far. A reflection of this dedication is found in the commitment to reinvest into new projects that are geared towards effectively supporting more people on their health journeys.

Through the delivery of our education, products and services, we’ve grown our combined revenue from $2.8m in FY16 to $7.5m in FY19 (a 39% CAGR), delivering consistently strong GP margins of between 44-57% and positive EBITDA over the same period. With new equity to execute the strategic growth plan, we believe we can continue on this trajectory, helping more people on their health journeys with our products and services to grow revenues to $30.6m by FY23, delivering $6.6m of EBITDA.

Investment highlights for the BePure opportunity include:

  • More than 75% of group revenue is of a recurring nature, due to the successful application of a subscription based service for both products and services.
  • Strong revenue growth in the well established BePure Health products business from $2.6m in FY17 to $5.7m in FY19 with projected revenue growth to $22.2m in FY23, an annualized growth rate of 40%.
  • Successful transition of the BePure Clinic business to a more scalable online format with higher gross margins, projected revenue growth from $1.7m in FY19 to $2.9m in FY23, an annualized growth rate of 24%.
  • BePure Health and BePure Clinic forecast to contribute $1.6m EBITDA in FY20 before expansion costs.
  • Although in the early stages of revenue generation, more than $2.5m has been invested in the Eve Health business. This includes the development of platform software and laboratory capability, allowing the business to provide a direct to consumer offering and become a leader in the huge global testing market, a market projected to grow annually by more than 10% in the USA.
  • A strong established brand with a ROI in the top 2% in Australasia for social media based marketing.

The Market Opportunity

It’s no secret that the world is switching on to the health and wellness movement. The global wellness economy was a USD$4.2 trillion market in 2017. The industry grew by 6.4% annually from 2015 to 2017, nearly twice as fast as global economic growth, with the New Zealand market sharing in this growth.

We see the global growth in the wellness movement being driven by:

  • Growing modern world health issues such as obesity, heart disease, diabetes, autoimmunity and degrading mental health;
  • A need and desire by people to address these issues, take ownership of their health and improve their lifestyle; and
  • A broader section of society spending more on personal healthcare.

"Dietary supplements are becoming more popular with the rapidly ageing population and the trend for maintaining healthier lifestyles. The review period witnessed major growth in dietary supplements due to an increase in consumers taking charge of their own weight and health management, and an acknowledgment that health is fundamentally linked to daily lifestyle choices." - Euromonitor, NZ supplement report 2019.

Market Positioning

BePure operates in a relatively diverse set of markets from e-commerce subscription health solutions, to holistic health consultancy work and the retail sale of health supplements.

The global market for health and wellness products and services is growing nearly twice as fast as global economic growth and global trends demonstrate that at-home self testing is a huge growth opportunity for the business within NZ and overseas.

BePure has created and maintains its competitive position through a combination of:

  • A unique diversity of businesses, which operate in an ecosystem where customers and clients benefit from the products and services of all;
  • A revered, trusted and well loved brand and social media following that cannot be easily replicated;
  • A well recognised and trusted founder and ambassador, Ben Warren;
  • A digitally enabled platform that allows seamless engagement nationwide in an otherwise fragmented market;
  • A depth of experience and knowledge from 15+ years of clinical practice, testing and product development; and
  • Multiple distribution opportunities including, direct to the consumer through our online store and subscription service, presence in 150+ retail stores and direct to consumer testing service.

Growth Strategy

Our vision and strategic objective is to grow our leading New Zealand position in the holistic health and wellness space by introducing more nutritional products that support the needs of our customers and clients, continue to deliver an unrivalled at-home testing service and expand into overseas markets, introducing them to our products and services.

We are seeking to raise $1.6m to $2m in equity to invest in stock and new product development, laboratory expansion and scientific R&D so we can capitalise on the organic and international growth opportunities for the business.

Funds raised will go toward the following growth initiatives:

Financial Overview

Our forecast revenue growth is mainly driven through expanding our health product distribution overseas, initially in Australia and the USA, along with expanding our at-home testing service both domestically and overseas. These forecasts assume $1.6m to $2m of capital is raised to fund the expansion.

Financials ($'000) FY16A FY17A FY18A FY19A FY20P FY21P FY222P FY23P
Revenues (BP Health) 2,253 2,620  4,670 5,716 6,750 10,766 15,140 22,237
Revenues (BP Clinic) 503 1,507 2,541 1,658 1,550 2,124 2,407 2,907
Revenues (Eve Health) - - - 82 400 1,816 3,052 5,478
Total Revenues 2,756 4,127 7,211 7,456  8,700 14,706 20,599 30,623
Gross Margin 44% 57% 47% 57% 56% 54% 54% 54%
EBITDA (-76) 237 357 427 439 1,377 3,366 6,568

* The forecasts above may change before the offer is opened. 

Next Steps

BePure’s mission is to create a new future for health.

BePure is currently championing a niche within this sector, paving the way in scientifically driven holistic health that seeks to work alongside and complement our existing medical model. This focuses on educating and inspiring people to take action on adapting their diets and lifestyles to support their ongoing health, incorporating bioavailable high-quality essential micronutrient support where necessary; testing for optimal health markers; then guiding and supporting people through behavioural change and their ongoing health journeys.

We invite investors to join us in achieving this mission.

If you wish to receive more information about the upcoming capital raise for BePure, please leave your details and an indicative investment amount below. We will be in touch with all interested investors in due course. An Information Memorandum is available on request.

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About Snowball Effect

Snowball Effect is a New Zealand-based online investing marketplace, that enables New Zealand companies to offer shares to members of the public. Snowball Effect was founded in 2012 and launched in August 2014, after being one of the first to acquire an equity crowdfunding license from the New Zealand Financial Markets Authority (FMA). As of January 2019, over NZ$53 million has been raised on the platform.