Aussie Plant Based Co has been acquired by fellow Australian food company Smart Foods, just days after facing liquidation.
Owner of plant-based brands Veef and LoveBuds, Aussie Plant Based Co was reported to have entered liquidation last week due to cash flow challenges stemming from rising prices, rapid expansion and supply chain disruptions.
The company had only just launched a brand-new meat alternative range the previous month under its Veef brand, aiming to provide a ‘carbon neutral and affordable’ range of plant-based meat products on par with the price of traditional animal-derived meat.
Following reports that the company had appointed liquidators, gold coast-based food solutions group Smart Foods confirmed yesterday (16 October 2024) that it had acquired Aussie Plant Based Co, recognising its ‘immense potential’ amid growing demand for plant-based options.
In a statement, Smart Foods said Aussie Plant Based Co’s liquidation reflected the current challenging environment for plant-based businesses in Australia, pointing to the complexities of the market where long-term success requires significant investment and strategic planning.
Raghu Reddy, owner of Smart Foods, commented: “I am incredibly excited to lead The…
