ASX-listed regenerative ag company Wide Open Agriculture Limited has announced the acquisition of Prolupin GmbH, a European lupin producer, for a total sum of €2.5 million in cash (A$4.2 million). This is set to propel Wide Open Agriculture into one of the world’s largest lupin producers.
Prolupin, a pioneer in lupin protein isolate production with over 25 years of industry leadership, holds a reputation for crafting lupin-based products, particularly in the plant-based dairy sector.
One of the immediate benefits of this acquisition is the operational footprint it provides in Europe. Prolupin’s state-of-the-art manufacturing facility in Germany has the capacity to produce 500 tonnes per annum of lupin protein concentrate, which will be upgraded to produce Wide Open Agriculture’s Buntine Protein®. This enables WOA to rapidly meet the growing demand for plant-based proteins, with commercial-scale production of Buntine Protein® expected within six months.
Today marks a pivotal moment in Wide Open Agriculture’s journey. The acquisition of Prolupin is testament to our ambitious growth strategy and commitment to leading the shift towards sustainable, plant-based nutrition.
Jay Albany, CEO – Wide Open Agricluture
Wide Open Agriculture’s acquisition of Prolupin not only solidifies its position as a global lupin leader but also brings an experienced engineering team with decades of plant-based protein expertise into its fold. Prolupin’s technology diversifies and enhances WOA’s lupin product catalogue, introducing protein-rich lupin isolates, versatile protein concentrates, and nutritionally enriched lupin oil to their offerings.
Additionally, Prolupin’s presence in the European plant-based dairy alternative market opens up valuable B2B networking opportunities for Wide Open Agriculture. Prolupin’s forays into alternative meat products and sports nutrition further enrich WOA’s reach and influence in the plant-based sector.
This acquisition includes the purchase of production facility assets, patents for Prolupin protein isolate production, the Luve trademark, existing stock of lupins, and other raw materials. The remaining balance is allocated to goodwill. The acquisition’s final approval hinges on a meeting of creditors scheduled for October 18, 2023.
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