No financials were provided, however, Protifarm’s lead investors Marvesa and P.O.T BV will become shareholders of Ynsect through the transaction.
Through the acquisition, Ynsect is reporting the addition of a third production site which will ultimately deliver on the firm’s long-term strategic goals of offering a sustainable solution to the accelerating consumption of protein. This acquisition also marks Ynsect’s first entry into international expansion.
“Protifarm is a compelling strategic fit for Ynsect, perfectly matching our long-term goals and sustainability values. Acquiring Protifarm is a strategic next step for us, strengthening Ynsect’s leading position in the global market and allowing us to properly address the human and pet food markets with complementary products,” Ynsect co-founder and CEO Antoine Hubert.
Founded in 2015 by Heidi De Bruin, Protifarm produces more than 1,000 tonnes of food ingredients annually, with the possibility of expanding operations to produce 20,000 tonnes of feed for humans, domestic animals, and plants. Through the combination with Ynsect, the combined total output weighs in at 230,000 tonnes of ingredients per year.
“The evolution of a more sustainable and healthier intake of nutrition is only at its beginnings, but the demand for products meeting these standards is set to grow exponentially in the coming years. The consolidation of Protifarm’s leading position in insect-based human food with the leading player in insect-based feed and pet food will expand our scale to meet this demand globally” comments Protifarm CEO Tom Mohrmann.
This past January the European Food Safety Authority (EFSA) announced a favorable assessment of using a mealworm for human food, thus opening up a massive market for Protifarm, and presumably making them a prime acquisition target for Ynsect.