Farming innovator eyes further overseas expansion thanks to investment
A supplier of coconut-based products is gearing up for further international expansion thanks to investment from Circularity Capital, which growth-stage businesses in the circular economy.
Manchester-based Cocogreen is the inventor and sole producer of coir substrates, a sustainable and eco friendly alternative to farming with peat and rockwool.
The product enables farmers to produce more using fewer acres and less fertiliser, labour and water whilst improving plant health, yield and profitability.
The company, established in 2010, controls the production process from harvesting on it’s own coconut plantations in India and Sri Lanka through to product supply to end user.
It currently exports to countries including the US, Spain, Portugal, Australia, and Africa as well as the Far East.
The investment from Circularity Capital will help Cocogreen further accelerate its international expansion encouraging customers to replacement carbon-intensive products.
David Mowat, partner at Circularity Capital, has also joined the board of Cocogreen to support the business going forward.
David said “The company’s market-leading, commercially proven solution has allowed it to disrupt traditional, linear competitors and create a blue-chip client base whose demand vastly outstrips current manufacturing capacity.
“Growing adoption of Cocogreen’s solutions will help accelerate the transition towards a more circular food industry by displacing peat and stonewool, while allowing management to deliver strong growth across established customers and new markets alike.”
Dr Sudesh Fernando, founder of Cocogreen, added: “Cocogreen has set the benchmark as the market leader in the design and delivery of a sustainable, consistent and high performance growth substrate.
“As a result, we’ve grown our loyal customer base across the globe, who expect nothing less than high-quality and reliable products delivering enhanced crop performance.
“Ensuring a positive impact across the local environment and communities within which the business operates is a core element of the Cocogreen mission as we support our team who work each day to help build a better future.”
Cocogreen were advised by KPMG, Deloitte and Eversheds, with Circularity Capital advised by CMS, PA Consulting, DNV and Eunomia.
Claire Frangou, corporate finance director at KPMG UK said: “Cocogreen is an innovative North West headquartered business, delivering a more sustainable, technical, differentiated product to its global blue chip customer base.
“This investment will enable Cocogreen to add capacity to unlock existing demand, delivering further growth and development. Cocogreen provides another example of the current M&A appetite for businesses with strong ESG credentials and ethos.”
