gold coast-based food manufacturer, Smart Foods, has acquired The Aussie Plant Based Co., eight days after it went into liquidation. Operations have already restarted.
Smart Foods CEO, Raghu Reddy told Food & Drink Business that despite the recent challenges for the plant-based company, he recognised its “immense potential”.
Fort Restructuring partner, Ken Whittingham said Smart Foods entered an agreement to purchase plant and equipment, stock, vEEF and LOVE BUDS brand names, registered IPs, and other intellectual property related to the producer of meat-free alternatives.
“As one of the largest suppliers of plant-based and meat free products to major supermarkets in Australia, there was a very real risk that consumers could have faced product shortages,” Whittingham said.
“This combined with the fact we are dealing with stocks of perishable goods meant that we needed to move quickly to ensure the best possible outcome – with this transaction being completed within seven days of our appointment as liquidators, after discussions with several potential buyers.”
The Aussie Plant Based Co. was launched last year to create a larger player in the plant-based meat market.
“I am incredibly excited to lead The Aussie…
