Former NRL star turned rich-lister Adam MacDougall invests in smart mouthguard firm HITIQ
Having made a fortune with his Man Shake business, former Newcastle Knights player Adam MacDougall has invested $1.6m in a smart mouthguard technology business.
Rugby league star turned entrepreneur Adam MacDougall has poured a further $1.6m into ASX-listed microcap HITIQ.
MacDougall, who made his fortune with the Man Shake business and debuted on The List – Australia’s Richest 250 this year, is providing the $1.6m to smart mouthguard technology business HITIQ via a convertible note.
MacDougall had an estimated $635m fortune in the 2024 edition of the Richest 250, published by The Australian in March.
HITIQ will use the funds to build out its production and manufacturing capabilities and purchase inventory, as well as helping with sales and marketing capabilities.
MacDougall already owns about 4 per cent of HITIQ stock, and is providing the new funding at a 12.5 per cent annual interest rate calculated monthly – or the sum will eventually be capitalised and converted to shares.
“We are very pleased to confirm Adam McDougall as major shareholder. His background in the NRL and business success since his retirement from professional sports gives him a unique understanding of the commercialisation opportunity for HITIQ in the market,” HITIQ director Philip Carulli told the ASX on Monday.
HITIQ on Monday also announced that former Cricket Australia chairman Earl Eddings had been appointed as a corporate adviser tasked with helping unlock further value in the company’s intellectual property.
“The company has engaged these parties to provide clarity on the business plan and commercial strategy to achieve our long-term vision. Henslow and Earl have proven track records, commercial experience and an extensive network to help HITIQ become one of the core players in the global concussion management space,” Mr Carulli said. Mr Eddings resigned as chairman of Cricket Australia just before that organisation’s annual general meeting in 2021, after three years in the role.
HITIQ’s customers include the AFL, NRL and English Premier League, and it also services universities and research organisations studying the short and long-term impact of repeated head knocks during sport.
The NRL is using HITIQ technology to measure the combined force of hits on players’ brains.
Pacific Equity Partners made a $400m investment in MacDougall’s Man Shake in 2022, and he has since made a string of investments, including substantial property holdings, while maintaining a minority stake in Man Shake.
MacDougall earned economics and business degrees by studying while playing for NRL club Newcastle Knights, and also represented Australia and played State of Origin for NSW.
After retiring from rugby league in 2011, MacDougall started nutrition company Cranky Health with wife Belinda.
Its flagship product is the Man Shake meal replacement, and MacDougall has written books about exercising and nutrition. He also has property investments and other assets.
He initially bought into HITIQ late last year.
HITIQ’s market capitalisation on the ASX is only about $5.6m, and its shares have fallen 27 per cent since the beginning of 2024 and are down almost 47 per cent in 12 months. The shares, which were untraded on Monday, last changed hands at 1.6c.
More Coverage
Forrests step down as co-chairs of Minderoo
Billionaire Andrew Forrest said he had opted to step aside to focus on his work as executive chairman of iron ore miner Fortescue.
Star keeps Sydney casino licence but hit with $15m fine
The powerful NSW casino regulator will allow Star Entertainment to keep its Sydney casino open but the group will remain under close government supervision.