International legal practice Osborne Clarke has advised Pulpex Limited, the sustainable packaging technology company, on its Series D funding round led by the National Wealth Fund ("the NWF") and the Scottish National Investment Bank.
The NWF will cornerstone the round committing £43.5m in direct equity, with a £10m co-investment from the Scottish National Investment Bank and the balance from existing investors. The fundraise will finance the construction of Pulpex’s first commercial-scale manufacturing facility near Glasgow, marking the NWF’s first investment in Scotland since its transformation.
The Osborne Clarke corporate team advising Pulpex was led by Associate Director Robert Pook and included Partner Mike Freer and Associate Chris Flach. Associate Director Emma Wills Davies provided employment advice.
Pulpex has developed a unique, fibre-based bottle solution free from hidden plastic, manufactured from sustainably sourced wood pulp designed to be recycled in the same way as paper or card in normal household recycling streams. Its patented and scalable technology results in a recyclable and biodegradable end-product with a lower carbon impact versus current glass or plastic packaging formats.
Headquartered in Cambridge, Pulpex currently operates out of its existing R&D and pilot production facility. The company has existing partnerships with some of the largest global FMCG brands including Diageo, Unilever and Kraft Heinz, which it is developing bespoke products for launch.
"Pulpex has created a pioneering product which will aid the decarbonisation of the packaging industry and accelerate net zero ambitions. It was a pleasure to support the Pulpex team once again with their most recent investment round. I'm excited to see the next chapter in their journey and the significant impact of the manufacturing facility on Glasgow's regional growth, providing jobs and infrastructure."
"We're delighted to have the support of the National Wealth Fund and the Scottish National Investment Bank in this investment round, which will be crucial for advancing Pulpex's long-term plans and driving growth within the circular economy. Thank you to the Osborne Clarke team, who have consistently provided expert guidance and practical business insight through several transactions over recent years. Once again, they were invaluable in ensuring we smoothly and efficiently navigated every aspect of the legal process."
Investments from the NWF and the Bank are crucial for industrialising this first-of-a-kind technology and its future adoption by packaging manufacturers and their customers. The financing will enable the construction of the company’s first commercial-scale 50 million bottle per annum manufacturing facility, fostering growth in Scotland and the wider alternative packaging sector.
Osborne Clarke’s Corporate team is considered a go-to practice for many companies in the energy transition and retail and consumer sectors, working with clients ranging from global businesses to fast-growth start-ups and market challengers. The team advises at every stage of company development across all corporate issues, from equity and debt fundraisings to M&A, IPOs and JVs.
ENDS
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