Innovation Investment Capital Limited Partnership (IIC), the Cardiff Capital Region (CCR) backed fund, has announced a multimillion-pound investment into Transcend Packaging, the Ystrad Mynach headquartered sustainable packaging company.
This investment round has been supplemented by additional equity from significant global corporations, including ITOCHU Corporation, one of Japan’s largest companies and a leading provider of pulp and paper products, providing further investment to the overall region.
IIC’s decision to invest was based on a variety of factors, but the commitment to expand its R&D facilities, production innovation with impressive intellectual property, strong experienced management team and blue-chip customer base all supported the decision.
Launched in November 2022 and backed by UK Government funds with an initial £50m from CCR, the fund is looking to invest long-term capital in innovative, sustainable growth opportunities across the ten unitary authorities in the CCR. Capricorn Fund Managers (CFM) is the Alternative Investment Fund Manager (AIFM), responsible for managing the fund and the overall portfolio and risk management, with PwC supporting CFM in advisory matters, including investment research and sourcing. The Transcend investment is IIC’s third investment.
Lorenzo Angelucci, CEO, Transcend, said, “We are thrilled to receive this substantial investment from IIC, which underscores the confidence in our vision and strategy but also empowers us to accelerate our innovation and expand our R&D capabilities. With the support of IIC and our new investors, we will continue our disruptive journey in the sustainable packaging industry, furthering our commitment to environmental stewardship and economic growth in the Cardiff Capital Region.”
“In only seven years, Transcend has built one of the most innovative and sustainable packaging businesses globally. Its growth to date and future commercial partnerships positions it impressively for further growth”, said Rob Asplin, PwC Partner. “Sustainable packaging is a fast growth market and highlights the desire of the fund to support net zero propositions.”
