Agronomics' Portfolio Company All G Foods Announces Merger and Spin-Out of Plant-Based Brand into The Aussie Plant Based Co.

Agronomics Limited has announced that its portfolio company, All G Food Holdings Pty Ltd, will be spinning out and merging its plant-based brand, LOVE BUDS, with Fen Foods Pty Ltd's brand, vEEF, to form a new entity called The Aussie Plant Based Co. All G Foods will own 49% of the new company, while continuing to focus on its precision fermentation dairy business. Agronomics currently holds an approximate 8% ownership of All G Foods. The merger aims to capitalize on the increasing demand for plant-based meat in Australia, with The Aussie Plant Based Co. focusing on retail and foodservice channels. The new company will have an extensive distribution network and manufacturing hub on the Sunshine Coast, positioning it to cater to customers and consumers throughout Australia and potentially expand into Asian and Middle Eastern markets.

The global plant-based meat market is expected to grow at a compound annual growth rate of 25% from 2023 to 2030, with consumer expenditure in the sector in Australia forecasted to reach US$1.5 billion by 2030. Australians are increasingly choosing plant-based diets due to health and environmental advantages, with a 75% increase in preference for plant-derived protein in the APAC region. The merger of vEEF and LOVE BUDS under The Aussie Plant Based Co. aims to meet the evolving preference, improve taste, and meet the growing demand for plant-based offerings.

Jan Pacas, founder of All G Foods and Chairman of The Aussie Plant Based Co., stated that the new entity aspires to lead the Australian industry with a broad route to market, a range of taste-first products, and an exceptional team. Alejandro Cancino, founder of vEEF and CEO of The Aussie Plant Based Co., expressed enthusiasm for the merger, highlighting the shared commitment to creating a sustainable, healthier, and tastier future for Australians.

The announcement also mentioned the formation of a new board of directors for The Aussie Plant Based Co., including industry expert Rob Lederer and Bryan Zekulich, a partner at investment firm Bombora. The merger of vEEF and LOVE BUDS under The Aussie Plant Based Co. represents a significant moment in the Australian plant-based movement, aiming to introduce new plant-based substitutes that contribute to both taste and the planet's well-being.