TIDMANIC
Agronomics Limited
17 October 2023
17 October 2023
Agronomics Limited
("Agronomics" or the "Company")
Portfolio Company All G Foods
Agronomics (ANIC:LSE), the leading listed company focused on the
field of cellular agriculture, is pleased to announce that
portfolio company All G Food Holdings Pty Ltd ("All G Foods") has
announced the spin out and merger of its plant-based brand into a
new entity, The Aussie Plant Based Co. Ptd Ltd ("The Aussie Plant
Based Co").
All G Food's plant-based brand LOVE BUDS will be merged with Fen
Foods Pty Ltd's brand vEEF, both of which are leaders within retail
and food service channels respectively. As a result of this
transaction, All G Foods will own 49% of The Aussie Plant Based Co.
All G Foods will continue to focus on its precision fermentation
dairy business. Agronomics currently holds an approximate 8%
ownership of All G Foods on a fully diluted basis, a position which
accounts for 4.7% of Agronomics' net asset value, including post
balance sheet adjustments.
Jim Mellon, Co-Founder and Executive Director of Agronomics,
commented:
" In splitting the two business units, All G Foods will benefit
in the near term from increasing the scale of the plant-based
business. In turn, this will allow the team to focus on the
precision fermentation dairy business which we believe is the
longer term value driver."
The full announcement is set out below without any material
changes:
A New Era for Plant-Based Meat: vEEF and LOVE BUDS Unite Under
The Aussie Plant Based Co.
[Sydney, October 17, 2023] In a landmark move that will reshape
the plant-based meat landscape in Australia, two Australian
plant-based brands have announced their merger under a new entity,
The Aussie Plant Based Co. The new business aims to capitalise on
steadily increasing demand within the plant-based meat category. An
increasing number of Australians are choosing to consume less meat
due to the enhanced taste of plant-based alternatives and a growing
awareness of its positive effects on the environment.
THE AUSSIE PLANT BASED CO FOCUSES on Retail and Foodservice
channels.
The Aussie Plant Based Co. is the result of a merger between All
G Foods' plant-based division and Fenn Foods. Their corresponding
brands, vEEF and LOVE BUDS, are leaders in the plant-based meat
category within the retail and food service channels,
respectively.
The strategic merger will establish an extensive distribution
network, encompassing an impressive 6,000 distribution points
across the country, along with a well-established manufacturing hub
situated on the Sunshine Coast. This 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 .
Market Opportunity
The global plant-based meat market size was valued at US$ 4.4
billion in 2022 and is expected to grow at a compound annual growth
rate of 25 per cent from 2023 to 2030.(1) Consumer expenditure in
the plant-based meat sector in Australia is forecast to hit US$ 1.5
billion by 2030.(2)
Plant-Based Meat Alternatives in Australia
Australians are moving towards plant-based diets as they become
more aware of the health and environmental advantages of these
choices. Consumer studies have unveiled a striking 75 per cent
upswing in the preference for plant-derived protein in the APAC
region, outpacing the global average. The research also found 73
per cent of Australian consumers intend to curtail their meat
consumption, while 55 per cent are ready to embrace a higher
consumption of plant-based cuisine.(3) This shift in consumer
behaviour underscores the evolving preference, improving taste and
burgeoning demand for plant-based offerings.
Jan Pacas founder of All G Foods and Chairman of the recently
established entity The Aussie Plant Based Co 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 biotech
specialising in precision fermentation".
Alejandro Cancino founder of vEEF and CEO of The Aussie Plant
Based Co, expressed his enthusiasm for the merger, saying , "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."
A Plant-Powered Tomorrow
With demand for plant-based products continuing to increase, the
union of vEEF and LOVE BUDS under the umbrella of The Aussie Plant
Based Co signifies a watershed moment in the Australian plant-based
movement. This strategic merger seeks to establish new benchmarks
in the industry by introducing a wide range of plant-based
substitutes that have not been offered in the market to date that
not only delight the palate but also contribute to the planet's
well-being.
NEWLY FORMED BOARD OF DIRECTORS
The Aussie Plant Based Co has also announced a new era board of
directors, which includes industry expert Rob Lederer, who brings
invaluable expertise from within the meat industry, notably at
Primo, a company acquired by JBS for A$1.45 billion. The board also
welcomes Bryan Zekulich, a partner at the investment firm
Bombora.
-S-
(1) Industry Analysis
(2)
https://www.statista.com/topics/8030/plant-based-food-in-australia/#topicOverview
(3)
https://www.foodmag.com.au/kerry-plant-based-alternative-research-reveals-top-drivers-for-consumers/
The Aussie Plant Based Co.
At The Aussie Plant Based Co , we rise with purpose, guided by a
steadfast commitment to creating a world that thrives on
compassion, sustainability, and positive change. We have a small
but strong portfolio of brands, including vEEF and LOVE BUDS, with
over 6,000 distribution points nationwide and a state-of-the-art
manufacturing hub on the Sunshine Coast, allowing the company to
meet the diverse needs of customers and consumers across the
country.
vEEF
Since its establishment in 2018, vEEF(R) has been captivating
both plant-based enthusiasts and meat lovers with its delectable
and inventive meat alternatives. These products, created by
award-winning chef and founder of vEEF(R) Alejandro Cancino, are
sure to convert even the most sceptic meat lovers. The vEEF(R) team
is dedicated to producing mouthwatering, planet-friendly creations,
inviting you to be part of a culture that is sustainable and
delicious.
LOVE BUDS
LOVE BUDS is proudly crafted in Australia and graces the menus
of venues nationwide, including Betty Burgers, The Sporting Globe,
Australia Venue Co (such as Brew Dog, Cargo Bar, Bungalow 8), TGIs
and Patty Smiths to name a few.
BUDS is on a mission to delight meat enthusiasts with a
groundbreaking plant-based offering that will leave them
exclaiming, 'I can't believe it's not meat!' Our unwavering
dedication is focused on delivering delectable alternatives to
beloved meat-based classics like burgers, sausages, nuggets, and
arancini to health-conscious Australians.
About Agronomics
Agronomics is the leading listed venture capital firm with a
focus on cellular agriculture. The Company has established a
portfolio of over 20 companies at the Pre-Seed to Series C stage in
this rapidly advancing sector. It seeks to secure minority stakes
in companies owning technologies with defensible intellectual
property that offer new ways of producing food and materials with a
focus on products historically derived from animals. These
technologies are driving a major disruption in agriculture,
offering solutions to improve sustainability, as well as addressing
human health, animal welfare and environmental damage. This
disruption will decouple supply chains from the environment and
animals, as well as being fundamental to feeding the world's
expanding population.
About Cellular Agriculture
Cellular Agriculture is the production of agriculture products
directly from cells, as opposed to raising an animal for slaughter
or growing crops. This encompasses cell culture to produce
cultivated meat and materials, and fermentation processes that
harness a combination of molecular biology, synthetic biology,
tissue engineering and biotechnology to massively simplify
production methods in a sustainable manner.
Over the coming decades, the source of the world's food supply
traditionally derived from conventional agriculture is going to
change dramatically. We have already witnessed the first wave of
this shift with the consumer adoption of plant-based alternative
proteins but today, we are on the cusp of an even bigger wave of
change. This is facilitated by advances in cellular agriculture.
This change is necessary, given scientists' claims that if we
maintain existing animal protein consumption patterns, then we will
not meet the Paris Agreement's goal of limiting warming to 1.5
.
AT Kearney, a global consultancy firm, projects that cultivated
meat's market share will reach 35% by 2040. This combined with the
Good Food Institute's estimate that a US $1.8 trillion investment
will be required to produce just 10% of the world's protein using
this technology, means that we are on the cusp of a multi-decade
flow of capital to build out manufacturing facilities. Funding in
the field of cellular agriculture is accelerating, however, still,
less than US$ 5 billion has been invested worldwide since the
industry's inception in 2016.
For further information please contact:
Agronomics Beaumont Cornish Canaccord Genuity Cavendish Securities Peterhouse Capital SEC Newgate
Limited Limited Limited Plc Limited
The Company Nomad Joint Broker Joint Broker Joint Broker Public Relations
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Richard Reed Roland Cornish Andrew Potts Giles Balleny Lucy Williams Bob Huxford
Denham Eke James Biddle Harry Rees Michael Johnson Charles Goodfellow George Esmond
Alex Aylen (Head of Anthony Hughes
Equities) Alice Cho
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+44 (0) 1624
639396
info@agronomics. agronomics@secnewgate.
im +44 (0) 207 628 3396 +44 (0) 207 523 8000 +44 (0) 207 397 8900 +44 (0) 207 469 0936 co.uk
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