Maven's Investment helps keep DMACK in the Fast Lane
Maven is pleased to announce that its client funds have invested £3.5 million into Carlisle-based tyre manufacturer DMACK Limited to fund the next stage of expansion for this innovative, high growth business.
DMACK designs and produces high performance tyres for the automotive market, specialising to date in the motorsport sector. Founded by Managing Director Dick Cormack in 2006, the Company has enjoyed impressive levels of growth, with distribution agreements in 72 countries, and is a trusted supplier to several high profile motorsport events across the globe. In 2011 DMACK was appointed, alongside Michelin, as an approved tyre supplier to the FIA World Rally Championship (WRC). The Company’s affiliation with the WRC in particular served to provide a global platform for the product and brand which led to DMACK introducing a range of PCR (passenger car) tyres to the market in 2012.
The strategic decision to supply PCR tyres, which exhibit proven motorsport engineering and performance attributes at affordable prices, has been met with significant demand worldwide. Maven’s investment will allow the Company to meet this demand through investment in new tyre moulds to increase the range and quantity of tyres available as the business continues to scale up in size. With the global tyre market currently valued at c$90bn per annum, and forecast to grow by a further 50% by 2017, DMACK is well placed to achieve further significant growth in the coming years.
Richard Elliott, Investment Manager at Maven, said: “We are excited to be working with Dick and his team to help DMACK achieve its growth aspirations. This was an opportunity for Maven to work with a proven and high calibre management team which has succeeded in establishing a new international brand and global distribution network in a fiercely competitive market. There is considerable potential for the company to expand into new geographic markets, and this deal will allow DMACK to significantly enhance its manufacturing capability.”
Dick Cormack, Managing Director at DMACK said: “With a robust brand and unique range of products, DMACK has achieved enviable growth over the last three years. The investment by Maven will provide DMACK with the support needed to boost its range of consumer and specialist motorsport tyres, delivering the platform to enter new markets during this significant stage of development. The move will allow DMACK to build on its competitive advantage and facilitate sustainable revenue and growth.”