Former Swisse boss gives Hydralyte a boost with dealmaker Wylie
Hydralyte usually sits close to the vitamins shelf in chemists and supermarkets – and that's exactly where the business is headed behind the scenes.
The company, which makes a range of rehydration products that boost electrolytes after a bout of gastro [or a hangover], is about to receive a jumpstart of its own from Radek Sali, the entrepreneur who spearheaded the rise of the Swisse Wellness vitamins company before a mega-sale for $1.7 billion in late 2015.
The Light Warrior investment fund run by Sali and Adam Gregory, is understood to be poised to make an equity injection into Hydralyte after seeing the company's trajectory.
Radek Sali (pictured) is among shareholders, including veteran dealmaker John Wylie, who are backing Hydralyte. Paul Jeffers
Hydralyte already has some high-profile backers in veteran dealmaker John Wylie [and sources have suggested former prime minister Paul Keating has previously been involved], and is now preparing to accelerate its expansion into the United States.
Street Talk can also reveal Wylie Regal Funds management are among shareholders who are tipping more cash into the latest funding round to help the stateside foray.
The domestic pharmacy channel is not without its challenges, but the Swisse sale to China's Biostime, which has since been rebadged to Health and Happiness, was a masterstroke of timing, coming just before Chinese regulatory uncertainty threw some doubts into the market.
led a $10 million fundraising round for Melbourne genetics company myDNA
Sali and Gregory also own 33 per cent of George Calombaris' Jimmy Grants food outlet chain, however, that has come with some bruises after the Master Chef judge Calombaris was named and shamed for underpaying staff by $2.6 million.
Elsewhere, it's revolving doors at Australia's premier hedge fund Regal. Among the departures is mining analyst James Stewart, who is expected to turn up at another buy-side firm after resigning last week.
Also out the door is Jonathan Margo, Regal's first dealer who re-located to Sydney from Singapore, but has secured a new role in Hong Kong. Chief operating officer Stephen Baldwin and Rajiv Thillainathan were let go from Regal after the quantitative strategy division was shut down.
Regal has countered the staff losses with some strong hires over the past 18 months. They include Macquarie's gun healthcare analyst Craig Collie and banking expert Omkar Joshi, who was poached from rival Sydney hedge fund Watermark.
The performance of Regal since inception has made its founder Phil King one of the most respected traders on the Street. But it's been a battle of late.
The $1 billion Long Short Equity fund, which is open to retail investors has returned more than 11 per cent since inception in May 2011. But a 5.5 per cent decline over the last 12 months has left it trailing its benchmark by 12.5 per cent.
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