- Health and Plant Protein Group (HPP), formerly known as Buderim Group, has invested in EVR Foods
- EVR is the holding entity of the LAVVA brand and its range of plant-based yoghurts and non-dairy milk and creamer
- HPP and S2G have each purchased US$300,000 (around A$389,000) in convertible, unsecured, promissory notes to complete the initial transaction
- The newly named company recently changed its ticker code to better reflect its new focus on the health and plant protein food business
- Shares in the new Health and Plant Protein Group are trading for 25 cents each, down 3.85 per cent
Health and Plant Protein Group (HPP), formerly known as Buderim Group, has started off 2021 by investing in EVR Foods.
The ASX-lister changed its name and ticker code at the end of last year to better reflect its new focus on the health and plant protein food business.
As part of this new focus, the company announced on Monday that it will invest in EVR Foods, alongside S2G Ventures.
EVR is the holding entity of the LAVVA brand and its associated assets, which includes a range of plant-based yoghurts and non-dairy milk and creamer.
The products are currently sold in U.S. supermarkets, including Whole Foods Market, Sprouts Farmers Market, Good Eggs and Wegman’s.
HPP and S2G have each purchased US$300,000 (around A$389,000) in convertible, unsecured, promissory notes.
The notes attract a 7 per cent interest per annum and will mature on February 28, 2021.
From there, both companies can conduct due diligence before further investing in the company and taking control of the LAVVA brand.
Commenting on the investment, Health and Plant Protein Group Executive Director Dennis Lin said it was a pleasing development.
“The investment in LAVVA is consistent with our core strategy of building HPP including through the high growth categories of plant-based milk and yoghurt,” he said.
Shares in the newly renamed Health and Plant Protein Group are trading for 25 cents each, down 3.85 per cent at 12:53 pm AEDT.