Gateshead Food Packaging Firm iPac Secures Major £4.75 Million Investment
Gateshead-based food packaging manufacturer iPac has successfully secured a substantial £4.75 million investment from Maven Capital Partners. This significant financial injection will enable the company to expand its range of environmentally-friendly packaging products and enhance its manufacturing operations.
Investment Details and Growth Trajectory
This latest funding round represents the third investment from Maven Capital Partners in iPac, following previous rounds in 2019 and subsequent years. Since the initial investment in 2019, iPac has demonstrated remarkable growth, with company turnover increasing from £6.3 million to £25 million through consistent year-on-year expansion.
The investment comes from three Maven-managed vehicles: the Maven VCTs, Maven Investor Partners, and NPIF II - Maven Equity Finance, which operates as part of the Northern Powerhouse Investment Fund II. This diverse funding structure highlights strong investor confidence in iPac's future potential.
Sustainable Focus and Market Position
iPac has established itself as a leader in sustainable packaging design and manufacturing. All company products are 100% recyclable and contain up to 100% recycled raw materials. The firm supplies packaging to numerous tier 1 UK food producers whose products are stocked by major retailers including Tesco, M&S, Aldi, and Sainsbury's.
The business was founded by Jonny Catto and current Chairman Harry Reed, both of whom previously built and successfully exited two businesses in thermoforming and extrusion. iPac currently operates across two manufacturing sites in Gateshead and County Durham.
Leadership Perspectives on the Investment
Jonny Catto, managing director of iPac, commented: "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 have supported our journey as we have established ourselves as a key player in the UK thermoforming sector."
"We are delighted to have their support and partnership at this transformational time as we integrate part of our sheet production and further expand our thermoforming capabilities and capacity."
David Nixon, senior investment manager at Maven, added: "We are delighted to continue our support for iPac, a business that has delivered consistent year-on-year growth under the expert leadership of managing director Jonny Catto and his senior team. iPac operates at the forefront of sustainable packaging design and manufacturing, and 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 the British Business Bank, noted: "Supporting forward-thinking, sustainable businesses is essential to achieving the aims of the Government's Industrial Strategy and accelerating the transition to a greener economy. Through the Northern Powerhouse Investment Fund II, we're backing companies across the North like iPac that are innovating with sustainable manufacturing, while contributing to resilient regional growth."
Future Expansion Plans
The investment will specifically support:
- Expansion of environmentally-friendly product ranges
- Integration of sheet production capabilities
- Enhanced thermoforming manufacturing capacity
- Continued growth in the sustainable packaging sector
This funding round demonstrates Maven's ongoing commitment to building long-term partnerships with ambitious founders and management teams, supporting them through each stage of their growth journey as business priorities evolve.
