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…
