The funds will be applied to a new manufacturing and operations facility
MinterEllison has lent a hand on a $50m capital raise to boost skincare business BWX Limited’s growth.
The raising involved an underwritten institutional placement and a share purchase plan. The equity generated is intended for the development and construction of a manufacturing and operations facility and a support office.
“The new manufacturing and operations facility and support office is expected to bring significant benefits across BWX's supply chain, enhance efficiencies, reduce future costs and provide flexibility and scalability for future growth,” said MinterEllison partner Nick Broome. “It is also expected to mitigate the risk of disruptions to BWX's supply chain during a period of global uncertainty.”
BWX Group COO and APAC managing director Rory Gration said that the company’s initiative would support “local manufacturing and Australian jobs at a time when the retail landscape is being heavily disrupted, and as more companies look to future-proof their business models.”
“As part of this significant investment in Australian manufacturing, we are working with the government to look to broaden the scope and speed of how we implement this exciting project,” he said.
BWX had contributed to meeting the strong demand for essential personal care and hygiene products during the COVID-19 pandemic by shifting production in its manufacturing facility in Australia and coordinating with its manufacturing partners in the US, MinterEllison said.
“Throughout the pandemic, BWX continued to achieve market share gains with revenue up across all brands,” the firm said.
MinterEllison’s team, led by Broome and special counsel Sudharshan Senathirajah, advised on all aspects of the transaction. They were supported by lawyers Alexander Persano, Nathan Van As, Tess McGuire and Elizabeth Schuster.
BWX launched the equity raise on 16 July.
