Four months after Ynsect filed a safeguard plan, Agronutris, another French company specializing in black soldier fly-based meal and oil for aquafeed and pet food, is now facing financial difficulties.
According to reports, Toulouse-based biotech company Agronutris announced that its holding company, EAP Group, has been placed under a safeguard procedure at its request. The Commercial Court of Sedan approved the request last week, impacting EAP Group’s 40 employees across its R&D laboratory and administrative departments, though the company’s industrial site in Rethel remains unaffected.
The safeguard procedure is intended to provide EAP Group with the time needed to stabilize its financial situation, renegotiate its debt with creditors, and ensure operational continuity through a comprehensive restructuring plan focused on cost optimization, improved profitability, and strengthened financial stability.
Founded in 2011, Agronutris had previously raised €100 million (US$103) in 2021 to industrialize its protein production and opened its first industrial production site in the Ardennes in 2022.
Ynsect troubles
Ynsect, which specializes in insect-based proteins and natural fertilizers, was also placed under safeguard in late September and has recently sought investors or potential buyers to address its financing challenges. In January 2024, the company was granted authorization by the Association of American Feed Control Officials (AAFCO) to use defatted mealworm proteins in dog food. At that time, the company said it was the first time mealworm-based ingredients for pet food had been authorized for use in the U.S. The company started protein production a a large-scale facility in Amiens, France, in the summer of 2024.
According to reports, Ynsect issued a tender offer on January 17 to determine interest from potential investors or acquirers by February 17, 2025. If no investors come forward by that date, the company could face court-imposed restructuring, forced asset sales or liquidation.
