Aussie Plant Based Co has been acquired by fellow Australian food company Smart Foods, just days after facing liquidation.

Owner of plant-based brands Veef and LoveBuds, Aussie Plant Based Co was reported to have entered liquidation last week due to cash flow challenges stemming from rising prices, rapid expansion and supply chain disruptions.

The company had only just launched a brand-new meat alternative range the previous month under its Veef brand, aiming to provide a ‘carbon neutral and affordable’ range of plant-based meat products on par with the price of traditional animal-derived meat.

Following reports that the company had appointed liquidators, Gold Coast-based food solutions group Smart Foods confirmed yesterday (16 October 2024) that it had acquired Aussie Plant Based Co, recognising its ‘immense potential’ amid growing demand for plant-based options.

In a statement, Smart Foods said Aussie Plant Based Co’s liquidation reflected the current challenging environment for plant-based businesses in Australia, pointing to the complexities of the market where long-term success requires significant investment and strategic planning.

Raghu Reddy, owner of Smart Foods, commented: “I am incredibly excited to lead The Aussie Plant Based Co into this new era. While the company has faced recent challenges, I believe in its strong foundation and the dedication of its team. By streamlining operations, fostering key partnerships, and focusing on innovation, we will solidify its position as a leader in the Australian plant-based market.”

Under Reddy’s leadership, Aussie Plant Based Co will continue to provide a wide range of plant-based products for both the retail and foodservice channels. Future plans include expanding national distribution, with a focus on securing further listings with all major retailers in the country, including Woolworths, Coles, Costco, Aldi and IGA.

#AussiePlantBasedCo #SmartFoods #Australia #Veef