The Maven VCTs and the North East Development Capital Fund (NEDCF), supported by the European Regional Development Fund and managed by Maven, have invested £2.2 million in iPac Packaging Innovations. The transaction is split evenly between NEDCF and the Maven VCTs.
iPac manufactures sustainable thermoformed packaging, primarily used in the food and pharmaceutical sectors, and has secured supply chain contracts with several tier one food suppliers. Founded in 2016, the business operates from a modern 28,000 ft2 manufacturing facility in Gateshead and has a growing annual output of over 300 million units.
The business has strong ESG credentials, working with customers to produce innovative, reliable and eco-responsible plastic packaging which meets key sustainability requirements. At least 85% of the plastic used in iPac’s processes is recycled and all of their products are 100% recyclable. iPac also supports global plastic waste prevention, developing a range of packaging products that uses plastics salvaged from the ocean.
The NEDCF first provided funding to iPac in 2019 to support investment in state-of-the art equipment, including new thermoform machines. The business has since tripled revenues to over £10 million.
The new investment will support further scaling of the business, increasing its operations from 5 to 13 production lines within five years and expand its workforce by over 80%.
“Maven is delighted to continue our support for iPac having first backed the team in 2019. We have been impressed by the growth of the business and its performance track record. iPac is led by an experienced team who have grown and exited businesses in this sector, and their latest venture has built up a strong reputation in the industry for product innovation, quality, service and environmental responsibility. Through a combination of funds Maven manages we have structured an investment to support iPac through its next growth phase, helping the business to further scale its operations to enable it to capitalise on the positive market conditions.”
David Nixon, Senior Investment Manager at Maven
“We are delighted to welcome Maven back to the business as a key funding partner. Maven’s 2019 funding package was instrumental in driving our growth from £3 million to £10 million within three years. The current funding deal underpins our ambitious growth plans which will see us invest in additional thermoforming capacity and site improvements allowing us to further support new and existing customers as we continue iPac’s exciting growth journey.”
Jonny Catto, Managing Director and Co-founder at iPac