UK – iPac Packaging Innovations, a manufacturer specializing in thermoformed packaging, has secured £1 million ($1.26m) in fresh investment.
The financing encompasses two investments from Maven-managed regional funds, comprising a £600,000 (US$754,653) infusion from the Finance Durham Fund (FDF) and a £400,000 (US$503,102) contribution from the North East Development Capital Fund (NEDCF).
The FDF, established by Durham County Council and overseen by Business Durham, and the NEDCF, supported by the European Regional Development Fund, have jointly bolstered iPac’s growth trajectory.
iPac intends to harness these funds to inaugurate its second site in County Durham, a strategic move in response to the burgeoning demand for its diverse range of packaging solutions.
Noteworthy is iPac’s robust environmental commitment, with all its products boasting 100 percent recyclability.
The company collaborates closely with its clientele to engineer innovative, dependable, and eco-conscious plastic packaging that aligns seamlessly with stringent sustainability imperatives.
A significant proportion, over 85 percent, of the plastic employed in iPac’s manufacturing processes is sourced from recycled materials.
Furthermore, iPac contributes to the global fight against plastic waste by offering a suite of packaging solutions crafted from Prevented Ocean Plastic.
David Nixon, Senior Investment Manager at Maven, remarked, “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, expressed enthusiasm about the expansion, stating, “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.”
For all the latest packaging and printing industry news from Africa and the World, subscribe to our NEWSLETTER, follow us on Twitter and LinkedIn, like us on Facebook, and subscribe to our YouTube channel.
