Pure Foods Tasmania has acquired Lauds Plant Based Foods for $350,000. The plant-based alt dairy business produces dairy and cheese alternatives made mainly from nuts and oats.
Lauds currently provides all of PFT’s recently launched New Pastures range, the partnership of which ultimately led to the acquisition.
PFT CEO Michael Cooper said the deal would secure the company’s move into the $3.9 billion plant-based cheese market.
PFT acquired Daly Potato Company in September 2020 as part of the company’s strategy to expanding into new categories. Cooper announced the launch of New Pastures at the same time and also said it was looking into alcoholic and non-alcoholic beverages.
PFT said the Lauds brand will sit alongside New Pastures, as it targets a more traditional lifestyle motivated plant-based market compared to New Pastures broader mass consumer focus.
New distribution channels result for both brands with mainstream and niche health food distribution.
Cooper said Lauds was a “great fit”. “We believe we can build an amazing business that can bring more and more plant-based food and beverages to Australia and distribute to our core export customers, principally Hong Kong and Singapore,” he said.
Lauds was founded in 2017 by Dani Wheatley, Pia Palmer and Simon Paul. It currently has eight products in consumer and food service sized packs, distributed Australia wide. The three will continue to be involved in the business.