Last week, it was announced that The Aussie Plant-Based Co had entered liquidation due to cash flow difficulties. Today it is revealed that the company has now been acquired by Gold Coast-based food manufacturer Smart Foods.
Food & Drink Business reported that Smart Foods has agreed to purchase the company’s plant and equipment, stock, intellectual property, and the vEEF and Love Buds brands. Some assets will be sold, allowing for the retention of around half the company’s workforce. Fënn Foods, previously the parent company of vEEF, will cease to operate as an entity after the acquisition.
Following the agreement, operations have already restarted at The Aussie Plant-Based Co’s facility on the Sunshine Coast. Smart Foods reportedly hopes to expand distribution across Australia, securing listings at all major retailers.
Challenging landscape
The Aussie Plant-Based Co was formed last year through the merger of two brands, Fenn Foods’ vEEF and LOVE BUDS. The aim was to accelerate the adoption of plant-based alternatives, granting the company access to 6,000 distribution points across Australia. Just last month, The Aussie Plant-Based Co launched a range of carbon-neutral plant-based meat products under the vEEF brand, said to be at price parity with animal meat.
The Aussie Plant-Based Co is not the only Australian company to face difficulties over the past year; isolate manufacturer Australian Plant Proteins and plant-based meat producer ProForm Foods both entered voluntary administration earlier in 2024. But despite the challenges faced by the companies, demand for plant-based food remains strong in Australia; plant-based meat sales increased by 47% between 2020 and 2023, while per-capita consumption increased by 28%.
“I am incredibly excited to lead The Aussie Plant Based Co. into this new era,” Smart Foods CEO Raghu Reddy told Food & Drink Business. “While the company has faced recent challenges, I believe in its strong foundation and the dedication of its team. By streamlining operations, fostering key partnerships, and focusing on innovation, we will solidify its position as a leader in the Australian plant-based market.”
