Legal business DWF has advised MEDITE, a division of the Irish State forestry agency, Coillte, on an innovative partnership deal that will see MEDITE collaborate through joint ventures with Accsys Technologies and BP to develop the world’s first Tricoya wood chip manufacturing plant in Hull, UK.
The transaction also involved investment by the Business Growth Fund and AlphaGen Volantis, with further project financing provided by the Royal Bank of Scotland.
The €68 million project will transform wood technology and allow the newly created consortium to commercialise the production of acetylated woodchip. Breakthrough proprietary technology will be used to produce wood chips that are virtually unaffected when exposed to exterior or harsh interior environments. These wood chips will be used to produce MEDITE TRICOYA EXTREME (MTE) at Coillte’s MDF manufacturing plant (MEDITE) in Clonmel, Co. Tipperary. Due to its unique innovative characteristics, MTE can be used in applications and environments never before deemed possible for this industry, including exterior joinery, doors, windows, façade and cladding.
DWF's London Corporate team, led by partner Paddy Eaton, advised MEDITE on the joint venture arrangements, with support from Jonathan Branton and Bróna Heenan (Competition), Iain Shurwood (Finance) and John Benjamin and Daniel Whitehead (IP and commercial).
Paddy Eaton, DWF corporate partner, said: "We are delighted to have advised MEDITE on this transaction. It is a great example of the strength of our UK and international corporate practice, working with industry leading clients and counterparties to structure and execute complex and transformative projects. This is one of a number of cross-border joint ventures on which we have advised in recent months and highlights the growth and capabilities of our team."
Neil Foot, CEO of Medite Smartply, said: “We were delighted with the assistance and guidance provided by DWF during this process. The expertise brought to bear by DWF was a significant asset to Medite throughout. This was a fantastic example of how cross-border relationships can work very effectively.”