Refocused Australian food manufacturer Health and Plant Protein Group has invested in EVR Foods, the holding company behind US plant-based yogurt brand Lavva.
Health and Plant Protein Group, also known as HPP, has spent US$300,000 on convertible promissory notes issued by the US firm, which sells plant-based dairy products at US grocers including Whole Foods and Wegmans.
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HPP’s backing for Lavva is through a co-investment package with US venture-capitalist S2G Ventures, which also bought $300,000 of notes issued by the New York-based firm.
Under the terms of the deal, HPP and S2G Ventures can on an exclusive basis conduct due diligence in Lavva with a view to potentially entering into an agreement that could ultimately see them buying a controlling stake in the US business. HPP would assume management control of Lavva.
Dennis Lin, HPP’s executive director, said: “The investment in Lavva is consistent with our core strategy of building HPP, including through the high-growth categories of plant-based milk and yogurt.”
He insisted HPP and S2G Ventures believe together they can “continue to grow Lavva through our expertise in supply-chain development and management, the strong potential of incorporating macadamia ingredients into [the] Lavva nutrition concept and introducing Lavva to customers in Australia and Asia within a short time-frame”.
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By GlobalDataAustralia and Asia have "a growing appetite for wholesome nutrition with great provenance", he added.
Liz Fisher, who set up the Lavva business in 2014, said HPP "can clearly bring insight to our business and help us fully realise the brand's potential". She said she is aiming to "making Lavva one of the world's best and leading clean-label, plant-based yogurt and dairy brands".
Until November, HPP was known as Buderim Group, the long-standing Australian supplier of ginger and macadamia products. In September, the company sold its ginger division – consisting of confectionery and other ginger-based products, including tourist-related assets – to the Himstedt family.
HPP has operations in Australia, the US and Fiji, including MacFarms, which is based on the island of Hawaii and manufactures macadamia-based products for the retail and foodservice channels under the Royal Hawaiian brand.
