Alt-protein company Naplasol, a member of the Belgian Veos Group, has acquired Swedish mycoprotein company Mycorena.
Mycorena develops innovative fungi technology to provide next-generation food ingredients. Its flagship product, Promyc, is a fermented mycoprotein ingredient that offers a neutral taste and strong, fibrous texture, suitable for use in a range of food applications.
Last month, Mycorena announced that it had officially filed for bankruptcy, following reports of ‘significant’ financial challenges that made it ‘impossible’ for the company to operate independently. In June, the company revealed it would be discontinuing a previously planned large-scale factory project to focus on a new pivoted growth plan.
In a statement announcing its bankruptcy filing, Mycorena’s COO and co-founder, Ebba Fröling, said: "The past few years have been extremely tough for us. Despite forming valuable partnerships and receiving support from our investors, it was not enough. We hope for the company to get new ownership in order to build on our significant groundwork and that the team, and their efforts, can remain the same.”
Now, Naplasol has announced its acquisition of the company and its technology, with co-CEO of Veos Group, Wim Slee, stating that both Naplasol and Mycorena have “complementary knowledge and products from which we can benefit in the future”.
Naplasol specialises in the production of proteins through fermentation technology. Its parent company, Veos Group, was founded in 1964 and operates from its headquarters in Belgium as well as further production facilities worldwide.
With the deal, the financial terms of which were undisclosed, Naplasol will enhance its mycoprotein product portfolio and plans to produce Mycorena’s Promyc protein at its industrial facility in Bree, Belgium. This will enable it to offer a wider range of sustainable solutions for the food, pet food and feed industries.
Slee commented: “We are proud that we can continue the story of Mycorena, as we strongly believe in the future of mycoproteins. Mycoproteins are clearly a sustainable protein alternative, with a lower CO2, land and water footprint compared to other plant-based proteins.”
Ramkumar Nair, founder of Mycorena, said: “Mycorena has been on an exciting journey toward becoming a leading player in the mycoprotein industry. The acquisition and merger with Naplasol offer a unique opportunity to build on the foundation we have established. We look forward to seeing Mycorena continue to thrive under the strong industrial expertise of the Veos Group.”
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