Maven invests a further £1m in County Durham iPac Innovations

Maven Capital Partners (Maven”) has led a £1m investment in iPac Packaging Innovations (“iPac”). The transaction comprised of two investments from Maven-managed regional funds - including a £600,000 investment from the Finance Durham Fund (FDF), established by Durham County Council and overseen by Business Durham, and a £400,000 investment from the North East Development Capital Fund (NEDCF), supported by the European Regional Development Fund.

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. The business supports an impressive list of customers, with its products packaging fresh foods and produce for all of the major UK grocery retailers.

The NEDCF first provided funding to iPac in 2019 to support investment in state-of-the art equipment, including new thermoforming machines. The business has since tripled revenues, and in 2022 secured £2.2m from the Maven VCTs and NEDCF to expand its manufacturing lines and significantly increase headcount.

Today’s transaction will enable the business to launch its second site in County Durham following a significant increase in demand for its range of packaging products and will increase the number of jobs available while driving growth in the region.

iPac has strong environmental credentials. All of its products are 100 per cent recyclable, and the company works with its customers to produce innovative, reliable, and eco-responsible plastic packaging in line with essential sustainability requirements. Over 85 per cent of the plastic used in the manufacturing process is recycled. iPac also contributes to global plastic waste prevention, having developed a range of packaging products made with Prevented Ocean Plastic.

David Nixon, Senior Investment Manager at Maven, said: “iPac’s products are in high demand as consumers are becoming increasingly proactive in their pursuit of products and packaging consistent with a more sustainable lifestyle. We’re delighted to support Jonny and the team at such an exciting point in the company’s growth journey, as part of our commitment to the North East. The second site in County Durham will allow the business to increase its number of production lines, expand its team and service its growing list of customers across the food industry.”

Jonny Catto, Managing Director at iPac, said: “We are extremely excited to be expanding our operations to a second site as we continue to grow our customer base in the UK food and pharmacy sectors. Maven has been a key finance partner throughout our exciting growth journey. We have now completed our third deal with Maven and their support has been vital in executing our growth plans and achieving our ambitions. We’re delighted to be growing our relationship with David and the team further as we embark on the next stage in our journey and continue to transform the UK packaging sector.”