Western Australian food and agriculture company, Wide Open Agriculture (WOA), has acquired Prolupin GmbH, the leading German lupin protein-isolate producer. This strategic $4.3-million purchase aims to amplify WOA’s global presence.
A deep dive into the acquisition
WOA’s CEO, Jay Albany, views this acquisition as a significant stride. “This is a giant leap forward for WOA, our shareholders, and the industry at large,” he remarked. Albany further emphasized the potential in Europe, stating, “This acquisition grants us immediate commercial production capacity in Europe, a dynamic environment for the development of plant-based protein products.”
The deal entails the takeover of Prolupin’s Grimmen-based manufacturing facility. Also included are patents for producing Prolupin protein isolate, trademarks of Luve brand, and an inventory of Prolupin protein products and other raw materials. The facility, with an initial capacity to churn out 500 tonnes of lupin-protein concentrate annually, is slated for upgrades. An estimated $3-5M will be invested to double this capacity for WOA’s Buntine Protein within 1-2 years. Albany anticipates commercial-scale production of Buntine Protein to commence within six months.
About Prolupin
With over 25 years in the industry, Prolupin stands as the global forerunner in lupin protein-isolate production. The firm’s roots trace back to the acquisition of patents from the Fraunhofer Institute in 2010. Over the years, it has established substantial manufacturing prowess in Germany, fashioning products predominantly for the plant-based dairy sector.
Plant protein pioneers
Prolupin, renowned for its expertise in lupin protein isolate production, offers products spanning various commercial applications, especially in the plant-based dairy domain. WOA intends to harness Prolupin’s robust B2B network in the European plant-based dairy market. Moreover, Albany highlighted the company’s plan to delve into alt meat and sports nutrition, capitalising on Prolupin’s prior ventures.
WOA’s vision for sustainable proteins
WOA prides itself on its innovative, sustainable protein production technique. Their patented, eco-friendly process produces a shelf-stable, protein-rich concentrate powder from lupins, without the use of fossil fuels or harmful chemicals. This protein isolate finds applications in plant-based dairy, alt meats, baked goods, and supplements. After a successful oat milk launch with the Dirty Clean Food brand in Australia, 2022 saw Monde Nissin Australia becoming the Buntine Protein supplier.
The acquisition is pending final approval, set for an October 18 meeting of Prolupin’s creditors and consent from specific creditors under the Asset Purchase Agreement.
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