Australian Wide Open Agriculture buys Prolupin out of bankruptcy

Insolvency administrator has found a solution for Prolupin. The lupin-based technology for sustainable nutrition will be retained and 15 employees will be taken on by the buyer.

Rostock - The creditors of Prolupin GmbH have approved the purchase agreement that the insolvency administrator Mr. Michael Bohnhoff from PLUTA Rechtsanwalts GmbH negotiated with the investor. The agreement provides for part of the food tech company's operations to be taken over by a subsidiary of the Australian company Wide Open Agriculture Limited, which is listed on the stock exchange.

As part of the insolvency proceedings, the production and distribution of lupine-based end products such as yoghurt, ice cream and desserts had to be discontinued, as this area recorded considerable losses and no suitable buyer could be found in the time available.

With the sale, the method originally developed by the Fraunhofer Institute for the production of a vegetable protein from lupin seeds will be preserved for the market. I am pleased that work can continue on it and that the outstanding research work will be preserved for the future.

Michael Bohnhoff, PLUTA Rechtsanwalts GmbH

The purchase price achieved will have a positive impact on the insolvency estate, which means that creditors are likely to benefit from an above-average dividend. Mr Bohnhoff added, "The solution that has now been reached represents the best possible outcome for the creditors." This agreement makes it possible to continue the innovative technology for sustainable nutrition developed by Prolupin while safeguarding the interests of creditors.

15 jobs saved

However, the research work that has been carried out at the Fraunhofer Institute since the 1990s on the production of plant proteins from lupin seeds will be preserved. With the approval of the creditors, the company purchase agreement can be implemented shortly, with 15 employees being taken on by the investor.

Wide Open Agriculture (WOA) is listed on the Australian Securities Exchange (ASX) and is an Australian regenerative food and agriculture company. Its main product is a vegetable protein derived from lupins.

Prolupin GmbH was founded in 2010 as a spin-off of the Fraunhofer Institute for Process Engineering and Packaging in Freising, Bavaria. The company specialized in extracting the protein from sweet lupins and making it usable for food production in the form of the unique lupin protein isolate (LPI). This patented process is based on 25 years of research. In 2014, the scientists at the Fraunhofer IVV and the researchers at Prolupin GmbH were awarded the German Future Prize for their development of plant-based food ingredients from lupins and their contribution to a balanced diet. The start-up developed its own products and marketed them under the umbrella brand "MADE WITH LUVE" in German and Austrian food retailers and via selected online stores.