Deal:  MinterEllison advised BWX Limited (BWX) on its $50 million capital raising, launched on 16 July 2020.

Retail cosmetics and skincare business launches capital raising to fund the development and construction of a new manufacturing and operations facility and support office.

Value: $50 million.

Area: Capital markets. 

Key players: Nick Broome and Sudharshan Senathirajah (special counsel) led this capital raising with support from Alexander Persano, Nathan Van As, Tess McGuire and Elizabeth Schuster.

Deal significance: In response to the COVID-19 pandemic, BWX had utilised its Australian manufacturing facility and engaged with its US-based manufacturing partners to pivot production to meet heightened demand for essential personal care and hygiene products. Throughout the pandemic, BWX continued to achieve market share gains with revenue up across all brands.

“The new manufacturing and operations facility and support office [are] expected to bring significant benefits across BWX’s supply chain, enhance efficiencies, reduce future costs and provide flexibility and scalability for future growth. It is also expected to mitigate the risk of disruptions to BWX’s supply chain during a period of global uncertainty,” said Mr Broome.

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BWX group chief operations officer and managing director for APAC, Rory Gration, added that this initiative supports local manufacturing and Australian jobs at a time when the retail landscape is being heavily disrupted, and as more companies look to futureproof 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.

MinterEllison’s role included advising BWX on all aspects of the capital raising including the institutional placement (which was underwritten) and the share purchase plan.