WESTERN Australian-based food and agriculture company Wide Open Agriculture has purchased European lupin protein-isolate producer Prolupin GmbH.
This $4.3-million acquisition will give WOA immediate access to commercial-scale manufacturing capacity and unlock commercial opportunities in Europe.
WOA chief executive officer Jay Albany said the purchase will make the company the world’s largest lupin-protein producer and take its Buntine Protein to a wider market.
“Our key goal as a company has been to bring Buntine Protein to market as quickly and cost efficiently as possible,” Mr Albany said.
“This acquisition grants us immediate commercial production capacity in Europe, a dynamic environment for the development of plant-based protein products.
“This is a giant leap forward for WOA, our shareholders, and the industry at large.”
The sale includes Prolupin’s manufacturing facility located at Grimmen in northern Germany, the patents to produce the Prolupin protein isolate and trademarks for the company’s Luve brand, inventory of Prolupin protein products, as well as supply of other raw materials.
This facility has the capacity to produce 500 tonnes per annum of lupin-protein concentrate and will be upgraded to produce approximately 1000t per annum of WOA’s Buntine Protein with an investment of $3-5M within 1-2 years.
Mr Albany said WOA expected commercial-scale production of Buntine Protein within six months, rapidly moving up its timeline for global launch.
“The Acquisition of Prolupin is testament to our ambitious growth strategy and commitment to leading the shift towards sustainable, plant-based nutrition.
“By integrating Prolupin’s decades of expertise and innovative technologies, we are able to meet potential Buntine Protein demand faster and with a much lower capital investment.”
Prolupin’s technology will also diversify and enhance WOA’s lupin-product catalogue, with the capability to produce protein-rich lupin isolates, a protein concentrate in wet form, and a lupin oil.
Mr Albany said Prolupin’s existing ventures into alternative meat products and sports nutrition also provided fertile ground for WOA to further its reach and influence in the plant-based sector.
He said the company also has an established reputation in the European plant-based dairy market, and WOA aims to harness their robust B2B network.
Spanning over 25 years, Prolupin has been the global market leader in lupin protein-isolate production.
Established through the acquisition of patents generated from the Fraunhofer Institute in 2010, Prolupin has built significant manufacturing capabilities in Germany and crafted products that have a wide range of commercial applications, particularly in the plant-based dairy sector.
Completion of the acquisition is conditional on final approval by a meeting of Prolupin’s creditors to be held on October 18 and the consent of specific creditors named under the Asset Purchase Agreement.
Source: Wide Open Agriculture