Maven Capital Partners has completed a £4.75 million investment in iPac, a leading manufacturer of thermoformed packaging for the food sector.
The business supplies sustainable packaging to many of the UK’s top tier food brands, whose products are stocked by major retailers including Tesco, M&S, Aldi and Sainsbury’s.
iPac’s senior leadership team is well known to Maven, having previously received investment through Maven-managed funds. Since the initial funding round in 2019, the company’s turnover has grown significantly year-on-year, rising from £6.3 million to £25 million.
This strong growth trajectory has been driven by iPac’s commitment to environmentally responsible product design and manufacturing. All its packaging products are 100% recyclable and contain up to 100% recycled raw materials.
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The business was founded by Jonny Catto and industry veteran and current chair, Harry Reed, who previously built and successfully exited two businesses in thermoforming and extrusion. iPac now operates across two large, state of the art manufacturing sites in Gateshead and County Durham.
The funding round has been supported by three Maven-managed investment vehicles: the Maven VCTs, Maven Investor Partners (Maven’s deal-by-deal investment syndicate), and NPIF II – Maven Equity Finance, which is managed by Maven Capital Partners as part of the Northern Powerhouse Investment Fund II, demonstrating the breadth of investor support across Maven’s platform and its confidence in the company’s growth potential.
The capital injection will support iPac’s vertical integration strategy and enable the business to further capitalise on its ESG-led product range.
David Nixon, senior investment manager at Maven, said: “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.”
Jonny Catto, managing director of iPac added: “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.”
