Gateshead packaging manufacturer seals £450k deal with Maven

Maven Capital Partners has given a £450k debt funding package to Reed Thermoformed Packaging Ltd (trading as ‘iPac’) via the North East Development Capital Fund.

The funding will enable the company to continue to invest in its facility to deliver on its ambitious expansion plans.

iPac is a manufacturer of thermoformed packaging supplying bespoke and standard packaging for the food and non-food packaging sectors.

iPac operates from its new thermoforming and conversion plant in Gateshead, and 90 per cent of iPac’s raw material comes from recycled materials and the business is currently researching alternatives to fossil-based polymers.

Michael Vassallo, investment director at Maven, said: “We are delighted to support iPac as it launches its exciting growth strategy. A real innovator in its field, the team is highly experienced with a wealth of sector knowledge able to drive the business forward.

“We look forward to working with Harry and the team to support the execution of iPac’s expansion plans and help the business in its aim to become one of the UK’s leading thermoformed packaging manufacturers.

“Since opening the Maven offices in the region less than two years ago, Maven’s positive impact on businesses in the North of England is already evident, fuelling the growth of ambitious SMEs across a wide range of industries.”

The global thermoformed plastics market size was valued at $11.69bn in 2018 and is expected to reach $16.28bn by 2025.

Harry Reed, managing director of iPac, concluded: “We are very happy to welcome Maven as a key business partner at this exciting time in our journey.

“Since commencing production less than two years ago, we have quickly established iPac as key player and innovator in our industry. The funding provided by Maven will allow iPac to deliver the next stage of our growth plan through 2019 and beyond.”