My Co, an investor in food, agri and biotech start-ups, has acquired Australian Plant Proteins out of administration for an undisclosed sum.
Established in 2020, Australian Plant Proteins (APP) is a producer of pulse protein isolates for the southern hemisphere.
The company utilises proprietary membrane extraction technology to create isolates with a protein content of 85%, offering functional advantages such as fortification, improved solubility, neutral flavour and texture enhancement. Its patented fractionation technology harnesses protein from faba beans, yellow pea, lentils, mung beans and other pulses.
APP entered administration last year, but its acquisition by My Co was confirmed on 27 March, aiming to secure APP’s future while strengthening Australia’s agricultural supply chain and promote local sourcing.
My Co will integrate APP into its portfolio of companies, aiming to enhance operational efficiencies and marketing strategies while paving the way for new product development that meets evolving consumer tastes.
In addition to enhancing production capabilities, APP will embark on several key projects, including establishing a fibre and starch processing facility. Operating from a facility in Victoria, Australia, APP has been a key supplier to the growing demand for plant-based alternatives in the region.
Vicky Pappas, CEO of My Co, described APP’s potential as “immense,” adding that its “game-changing technology” aligns with My Co’s vision of fostering innovation in the food sector.
She continued: “This acquisition opens doors to numerous possibilities for APP. With our proven track record in food manufacturing and expertise in successfully scaling brands like BioCheese and Meliora, we are eager to leverage our resources and expertise to support APP’s growth.”
Phil McFarlane, co-founder of APP, commented: “Unlike conventional methods that often rely on harsh chemicals or enzymes, APP extracts protein from pulses using a clean, non-solvent method, resulting in a highly functional protein isolate with over 85% protein content. Our patented technology ensures our protein isolates are not only of the highest quality but also more sustainable and environmentally friendly.”
