The Development Bank of Wales has invested £2million into Lignia Timber Company, an organisation specialising in sustainable modified timber. Lignia has received a total of £7.5m backing, which it’ll use to open its first commercial production facility at a site in Wales. The site will be capable of producing 15,000 cubic metres of wood each year.
The other investors were investment manager Downing and its existing investor, Woodford Investment Management. We advised the Development Bank of Wales on its investment.
Duncan Gray, Deputy Fund Manager at the Development Bank of Wales said: “We are delighted to co-invest with Downing again and with Woodford Investment Management. The high-quality management team at Lignia has developed a fantastic alternative to hardwoods that has clearly impressed customers in the UK and internationally.”
Catherine Golledge, our Corporate Solicitor who worked on the deal, said, “It’s an exciting time for sustainable business in Wales, where the combination of innovative thinking, a low cost-base, and savvy investors means opportunity is plentiful. The Development Bank of Wales’ investment in Lignia Wood Company is an example of this, and working with them has been a pleasure.”
