Australia's first commercial plant protein manufacturer, Proform Foods, has gone into voluntary administration. Gayle Dickerson and James Dampney from KPMG Australia have been appointed administrators.
The appointment of administrators covers Proform Food Group, Proform Innovation, Proform Gourmet, and Proform Foods. The company manufactures plant-based protein products under the MEET, Protein Plate, and Bad Hunter brands.
KPMG Australia restructuring partner, James Dampney, said, “Proform is a well-established business in a sector with compelling medium term growth prospects.
“As administrators, our focus will be on maintaining normal operations whilst commencing an expediated sale of business process. We will be working with all stakeholders, including employees, suppliers and customers, to maximise the outcome for all parties.”
The administrators have assumed day-to-day control of the group, which will continue to operate as normal while a rapid assessment of the business is undertaken.
In 2006, Proform founder Stephen Dunn and CSIRO formed a $2.5 million partnership to pioneer technology to manufacture plant-based protein at scale. Prior to that he had worked extensively in cereals production.
(Source: Proform Foods, Wes Nel)
Dunn then launched Proform in 2008 as the first commercial plant protein manufacturer in Australia. Over the next 12 years, more than $8 million was invested in R&D, culminating in the commissioning of an $11 million manufacturing plant in late 2020.
The company is a commercial supplier to many plant-based products manufacturers in Australia, as well as its own range of products, sold under the Meet brand. The point of difference for the brand was its products having a 4.5 Star Health Star Rating.
Dunn's son, Matthew Dunn, became CEO in 2019 and led the company as the plant-based meat market took off.
In 2022, agribusiness Harvest Road, part of Andrew Forrest’s private investment arm Tattarang, invested in the company. It took a minority stake with the goal to accelerate growth and strengthen its focus on locally sourced ingredients.
The company had a stand at the Foodservice Australia expo, held in Sydney last week.
The first creditors meeting is Thursday, 30 May.
