Australian Plant Proteins is based at Horsham, Victoria. Photo: My Co

MY CO, a Victorian-based investment vehicle for the Paule Family Office, has acquired plant-protein isolate company, Australian Plant Proteins.

APP entered voluntary administration in June last year with the hope of finding a buyer or investor to continue operations.

Founded in 2016 by Brendan McKeegan and Phil McFarlane, APP was one of only a few Australian operators known fractionating pulses on a commercial scale.

APP produced plant-protein isolates at its Horsham plant, mostly from faba beans but also from yellow peas, mungbeans and yellow and red lentils upon request.

Isolates are sold directly to plant-protein businesses and food-ingredient distributors domestically and overseas to be used in retail products such as meat and dairy alternatives, bakery goods, snack and convenience foods, and pet food.

Among the products My Co investment Meliora markets is a liquid plant-based egg which features mungbean and faba bean protein isolates. Photo: Meliora

My Co has a presence in the plant-protein industry with investments in BioCheese and Meliora which produce vegan cheeses and meats incorporating faba beans, coconut oil, rice protein and mungbeans.

It is an investment firm that focuses on supporting early-stage businesses in the food, agriculture and bio industries.

Terry and Spiro Paule lead the Paule Family Office, and are known as the co-founders of accounting firm, Findex, and for running cheese company Lemnos Foods for more than 10 years.

Expansion, efficiencies on cards for APP

My Co chief executive officer Vicky Pappas said the acquisition opened many strategic opportunities for both firms.

“The potential of APP is immense,” Ms Pappas said.

“Its game-changing technology aligns with our vision of fostering innovation in the food sector, and contributes to a sustainable future.

“We are excited about expanding APP’s capabilities and enhancing its presence in both domestic and international markets.”

She said by integrating APP into My Co’s portfolio, it will enable the company to enhance operational efficiencies and marketing strategies as well as embark on several key projects, including establishing a fibre and starch-processing facility.

“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.”

Mr McFarlane will continue with the company as CEO, while it appears Mr McKeegan has left APP.

“We are thrilled about the potential this acquisition brings, not just for APP and our current evolving customer base, but for Australia’s entire plant protein industry,” Mr McFarlane stated.

“Our focus remains on delivering high-quality plant-based ingredients sourced from Australian-grown pulses while creating valuable employment opportunities in the Horsham area.”

 APP voluntary administration timeline

Grain Central understands the Horsham APP plant has not been operational for much of the voluntary administration period.

It has been reported that the plant will reopen in May, but Grain Central was unable to confirm this.

In a report presented to creditors in September, administrator Manuel Hanna of Romanis Cant recommended the company should be “wound up” and assets sold under a liquidation process.

The report said that APP had “incurred material trading losses” from the end of the 2020-21 until entering voluntary administration.

At the time, Mr Hanna said there was a party interested in purchasing APP property as a “straight asset sale” and not a bid for the company as a going concern.

According to minutes of a meeting held on September 30, the interested party had an Australian presence but was an “American domiciled entity”.

The company was not named due to confidentially.

As at June last year, APP reportedly owed $15.89M to secured creditors.

Following the September meeting, eligible creditors opted to execute a Deed of Company Arrangement (DOCA) put forward by the APP directors, Mr McKeegan, Mr McFarlane, Michael Scalzo, and Christine Gilbertson.

Instead of liquidating the business, the DOCA would establish a fund which be used to pay debts owed to creditors and the administrator.

Once the DOCA was executed, the company’s operations would return to its directors, who were to retain all intellectual property rights.

Grain Central understands this process was completed in late 2024.

However, the Horsham property and other assets do not appear to have been sold to the entity mentioned in the September report, clearing the way for My Co to acquire the business intact.