Canadian companies and investment funds are increasingly turning their attention to acquisition opportunities in Australia, joining investors from Japan and the United States in targeting major deals on the Australian Securities Exchange (ASX). This shift coincides with ongoing trade tensions between Canada and the United States following the imposition of tariffs by the U.S. administration.

Sources indicate that Canadian pension funds, publicly listed firms, and private equity investors are actively evaluating Australian assets amid a trade dispute that has led the U.S. to apply tariffs of up to 50 percent on certain Canadian goods. Meanwhile, Japanese investors, who have already been intensifying their merger and acquisition (M&A) activity in Australia, and U.S. private equity groups, motivated partly by expectations of a weakening U.S. dollar, are also increasing their bids for ASX-listed companies.

One notable opportunity attracting interest is My Muscle Chef, a ready-meals business currently being offered for sale by Quadrant Private Equity. The asking price is reported to be between $500 million and $1 billion. Quadrant, which invested more than $100 million into the business in 2020—valuing it at over $200 million at the time—has supported growth initiatives led by co-founders Tushar and Nishant Menon.

My Muscle Chef caters to consumers seeking high-protein meals delivered through a subscription model via its website, as well as through supermarket chains. The company’s shift since 2018 from focusing on frozen meals for the fitness market to providing fresh meal options to a broader clientele has been credited with significant expansion. Its products are currently available in major Australian grocery retailers including Woolworths, Coles, and IGA.

Quadrant’s investment in a new manufacturing facility in Yennora, western Sydney, has underpinned this growth trajectory. Industry sources suggest that Woolworths and Coles might be among the potential buyers considering a bid. Reports also note that the firm, valued at approximately NZ$375 million, has attracted interest that may have prompted Quadrant to explore a sale.

In addition to My Muscle Chef, several Japanese and Canadian investors are reportedly scrutinizing Australian wellness companies as part of a broader strategy. This follows notable transactions such as Japan’s Kirin Group acquisition of Australian vitamins company Blackmores in 2023 for $1.9 billion.

These developments reflect a broader trend of international investment interest converging on Australia’s health and wellness sector, amid shifting global economic conditions and trade dynamics.