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Protix joins forces with Tyson Foods securing new funding for the next step in its growth phase

We are proud to announce that our portfolio company Protix, a leading Dutch company in insect-based ingredients, has entered into a strategic partnership with Tyson Foods, one of the world’s leading food companies. An important milestone for Protix and the insect industry!

With this capital round we welcome Tyson Foods, a listed multinational, protein-focused food processing company based in the US and customer of Rabobank, as new investor to the group of existing shareholders. We are excited about this partnership, which also includes the formation of a joint venture to build an insect ingredients plant in the United States. In addition, Tyson Foods is investing in Protix to help accelerate their global expansion plans. This major capital injection underlines the progress and continued long term potential of Protix and will be used to further strengthen and optimise the organisation, make the necessary steps to advance commercial traction and accelerate (international) growth.

Protix is a producer of insect protein and fats from the Black Soldier Fly. These insect ingredients offer nutritious and sustainable inputs for pet food, aqua culture and livestock feed and organic fertilizer. Insect ingredients are so green because of their circular nature: Insects are fed with local food waste streams and the mature insects are in turn upscaled into high value ingredients. The substrate in which the insects are farmed is subsequently used as fertiliser, thus completing a circular and sustainable way of food and feed production. This partnership offers an opportunity for Tyson Foods to deploy its waste streams in a commercial way and acquire broader expertise in the alternative protein market. For Protix it is the outstanding opportunity to further build scale in partnership with a major player that has the necessary funding and access to the US market and their customer base.

Protix has been a long time banking relationship of Rabobank, as we have supported the company from its earliest beginnings back in 2009. Rabo Investments became shareholder of the company in 2019, on the back of its growth potential and the clear links with two of our core investment pillars: Food & Agri and Sustainability. As a committed shareholder, Rabo Investments is also participating in the capital raise and will remain actively involved to help the company meet the short-term challenges and opportunities associated with an ambitious growth agenda.

Rabo Investments contact: arjan.van.der.hout@rabobank.com
Protix contact: info@protix.eu

About Tyson Foods, Inc.

Tyson Foods, Inc. (NYSE: TSN) is one of the world’s largest food companies and a recognized leader in protein. Founded in 1935 by John W. Tyson and grown under four generations of family leadership, the Company has a broad portfolio of products and brands like Tyson®, Jimmy Dean®, Hillshire Farm®, Ball Park®, Wright®, Aidells®, ibp® and State Fair®. Tyson Foods innovates continually to make protein more sustainable and affordable to meet customers’ needs worldwide and raise the world’s expectations for how much good food can do. Headquartered in Springdale, Arkansas, the Company had approximately 142,000 team members on October 1, 2022. Through its Core Values, Tyson Foods strives to operate with integrity, create value for its shareholders, customers, communities and team members and serve as a steward of the animals, land and environment entrusted to it. Visit www.tysonfoods.com.

About Protix

Protix is the leading company in insect-based ingredients for healthy and sustainable pet food, aqua culture and livestock feed and organic fertilizer. The company is on a mission to create low-footprint ingredients that solve major issues in the current food system. Protix contributes to a circular food chain by using waste from the food industry as feed for the black soldier fly (BSF). In turn, the insects are processed into valuable nutrients such as proteins and lipids. Protix’s customers use these proteins and lipids as high-quality ingredients for feed and food. Moreover, residual streams from the insects are used as organic fertilizer. This way, insects close the loop and bring the food system back in balance with nature.

Based in the Netherlands, Protix operates the first-in-the-world industrial insect facility, opened in 2019. With breeding, rearing and processing under one roof, the company has complete control of the production chain and offers reliable, high-quality supply. As the frontrunner and industry leader, Protix has laid the basis for a broad range of applications in feed and food. The company is now expanding internationally to deliver its solutions on a much broader scale. Protix believes in the power of partnerships, and actively seeks collaboration with forward-thinking players to unleash the potential of insect ingredients for the world. www.protix.eu.