Australian plant-based meat businesses All G Foods and Fenn Foods are putting assets into a new entity called The Aussie Plant Based Co.
All G Foods’ Love Buds brand and Fenn Foods’ Veef brand are being placed into the business.
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After the deal, All G, which will own 49% of The Aussie Plant Based Co., will retain its bio-technology division to focus on developing dairy-alternative products.
The companies said the deal would create a business with 6,000 distribution points across the country and predicted it would “reshape the plant-based meat landscape in Australia”.
They also suggested this coming together will position The Aussie Plant Based Co. to “effectively cater to the diverse needs of customers and consumers throughout Australia, with ambitions to expand into the Asian and Middle Eastern markets”.
Fenn was founded by well-known chef Alejandro Cancino and Paola Moro in 2015 while All G Foods launched in 2021 after a A$15.5m ($9.9m) seed funding round.
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By GlobalDataAll G founder Jan Pacas becomes chairman of the Aussie Plant Based Co. while Fenn’s Cancino becomes its CEO.
Cancino said: “This collaboration is a testament to our shared commitment to creating a sustainable, healthier and tastier future for Australians. By combining our strengths, we can accelerate the adoption of plant-based alternatives and contribute to a greener planet and more ethical sources of protein.”
Pacas said: “The Aussie Plant Based Co. aspires to lead the Australian industry with the broadest route to market, an enticing range of taste-first products, and our exceptional team. This strategic move will allow All G Foods to focus solely on being Australia’s leading bio-tech specialising in precision fermentation.”
The Aussie Plant Based Co. which will manufacture its products in Fenn’s existing facility in Queensland, has also announced a new board of directors, which includes meat industry veteran Rob Lederer and Bryan Zekulich, a partner at the investment firm Bombora.
In August last year, All G revealed it had raised A25m in a push to develop dairy alternatives alongside its plant-based meat products such as Love Buds soy burgers. plant-based sausage, mince and nuggets.
The Series A funding round was exclusively led by UK-based venture-capital firm Agronomics and its “affiliate”, the New Agrarian Company, in return for a total 13% share in the business.
