Food packaging maker seals £4.75 million backing to expand range

A food packaging maker is eyeing growth after wrapping up £4.75 million support.

iPac is set to expand its environmentally-focused product range.

Bosses say the move will cater for “growing consumer demand for ethical and sustainable packaging”.

The business – which supplies thermoformed packaging to food makers adorning shelves in Tesco, M&S, Aldi and Sainsbury’s – unveiled the blueprint following backing from Maven Capital Partners.

The funding round was supported by three Maven-managed investment vehicles: the Maven VCTs; Maven Investor Partners; and NPIF II – Maven Equity Finance, which is managed by Maven as part of the Northern Powerhouse Investment Fund II.

It follows previous investment through Maven-managed funds.

Jonny Catto, managing director at iPac, which runs bases in Gateshead and Tanfield Lea, in County Durham, said: “Having first partnered with Maven in 2019, less than two years into our journey, it’s fantastic to continue to grow the relationship as we embark on this exciting new chapter.

“Through two previous rounds, Maven has supported our journey as we have established ourselves as a key player in the UK thermoforming sector.

“We are delighted to have its support and partnership at this transformational time.”

David Nixon, senior investment manager at Maven, said: “We are delighted to continue our support for a business that has delivered consistent year-on-year growth under the expert leadership of Jonny and his senior team.

“We are confident in its ability to capitalise on the strong market tailwinds driving demand for environmentally responsible solutions.”

Sarah Newbould, senior investment manager at British Business Bank, which oversees the Northern Powerhouse Investment Fund II, added: “We’re backing companies across the North like iPac that are innovating with sustainable manufacturing, while contributing to resilient regional growth.”

• Read more about iPac’s growth story in a feature from Bdaily sister publication N magazine here

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