Plant-based protein production company, Australian Plant Proteins (APP), has been acquired by My Co, the investment vehicle for the Paule Family Office, which focuses on FABtech (Food, Agri & Bio) start-ups.
APP was the first company in Australia to develop and commercialise a plant protein isolate powder. It is at the forefront of innovative plant-based protein solutions and plays a key role in building Australia’s position – and reputation – on the global stage in this burgeoning industry.
APP is renowned for its patented fractionation technology, producing high-quality protein isolates from faba beans, yellow pea, lentils, mung beans and other pulses through a unique extraction process, differentiating it from other plant protein manufacturers worldwide.
Sourced from Australian-grown pulses including faba bean, lentil, mung bean, and pea, APP’s plant protein isolate powder is a highly functional ingredient with more than 85 per cent protein content. Its application extends into plant-based dairy, bakery, nutrition, beverage, and alternative meat sectors.
APP went into voluntary administration last July, prompting the alternative protein industry to express its frustration at the lack of government support, a reliance on imports, and drop in R&D investment in a sector with “enormous opportunity” for Australia. My Co’s acquisition is seen as setting APP up for a “promising resurgence”.
The company’s innovation was recognised at the inaugural Hive Awards last year, when it took home the Best Ingredient Award from a field of candidates across the country.
Immense opportunity
CEO of My Co, Vicky Pappas, said the potential for APP was “immense”.
“APP’s 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.”
Pappas emphasised the strategic opportunities ahead, saying the acquisition opens doors to “numerous possibilities”.
“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. Together, we will meet the increasing consumer demand for nutritious and sustainable food options,” she said.
APP co-founder, Phil McFarlane, said the company was proud to have developed technology that contributes to a cleaner food system without compromising quality.
“What sets APP apart is its unique extraction process that differentiates it from other plant protein manufactures worldwide.
“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 per cent protein content.
“Our patented technology ensures our protein isolates are not only of the highest quality but also more sustainable and environmentally friendly,” McFarlane said.
He added the company was thrilled with the acquisition, “not just for APP and our current evolving customer base, but for Australia’s entire plant protein industry”.
New products, key developments
APP’s state-of-the-art facility is in Horsham, Victoria, and sources Australian-grown pulses to produce its premium plant-based ingredients. McFarlane will continue with the company as CEO.
My Co said integrating APP into its portfolio would deliver operational efficiencies and marketing strategies, which will “pave the way” for NPD
While enhancing production capabilities, APP already has several projects in the pipeline, including establishing a fibre and starch processing facility. The goal is to increase production capacity and diversify product offerings in the rapidly growing health food market.
APP was already established as a vital supplier to the growing demand for plant-based alternatives.
My Co’s investment allows APP to capitalise on growth in the market, while promoting environmentally friendly practices that resonate with consumers.
Pappas said, “This is more than just an acquisition; it’s about creating a sustainable future for food production. By acquiring APP, we are shaping the future of plant-based innovation in Australia and beyond.”
The acquisition not only secures APP’s future, it strengthens Australia’s agricultural value chain promoting local sourcing and sustainability, developing ingredients onshore that secure food security for the country.
My Co is the investment vehicle for the Paule Family Office, focuses on FABtech (Food, Agri & Bio) startups. It supports early-stage businesses with a hands-on approach, leveraging extensive entrepreneurial experience to build operational frameworks and commercialise products. The company targets seed and Series A stage startups with transformational technologies and strong management teams. By fostering scalable businesses, My Co contributes to a more sustainable future in the FABtech space, emphasizing sustainable and renewable ideas.
