Dentons has advised Cornerstone Investment Management, a private equity investment management firm, on the financing of its acquisition of a leading manufacturer of biodegradable wet wipes Ecowipes, together with its French affiliate Hydra Beauty & Clean. This is the second ESG transaction completed by Cornerstone Investment Management together with investment firm Kartesia. The buyers want to create a large group around Ecowipes, which will, among other things, focus on sustainable consumer solutions across Europe.

Dentons provided Cornerstone Investment Management with assistance in negotiating and executing the finance documents and securities which were governed by the laws of Poland, France, Luxembourg, and the Netherlands.

The cross-border project was supervised by partner Tomasz Zwoliński and led by senior associate Katarzyna Mazur from the Banking and Finance team in Warsaw. The team also included Jean-Marc Allix (partner), Philippine de Fouchier (associate) and Marine Hestroffer (associate) in Paris, Stephane Hadet (partner), Christophe Renaudin (counsel), Yifan Zhang (senior associate), Jinjing Zheng (associate) and Arnida Alija (associate) in Luxembourg, as well as Marcel Janssen (partner), Shivaughn Tets (senior associate) and Frits Miedema (associate) in Amsterdam.

Ecowipes has three of the most technologically advanced biodegradable nonwovens factories in Europe, two in Poland and one in France. It produces wet wipes, cotton buds and cotton pads mainly under private labels for major retail chains such as Auchan, Biedronka and Lidl, but also has its own brands, Tami and Rapid Clean.

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