Gateshead-based iPac Packaging Innovations, a sustainable packaging manufacturer, triples revenue in 5 years, secures £1m investment for second site in County Durham

Sustainable Packaging Manufacturer Secures £1m Investment for Second Site

Gateshead-based sustainable packaging manufacturer, which has tripled its revenue in the last five years, has secured £1m worth of investment to enable it to launch a second site.

Maven Capital Partners has led the investment into iPac Packaging Innovations, which comprises £600,000 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.

The NEDCF first provided funding to the business in 2019 to support investment in equipment, including new thermoforming machines.

Since then, iPac has boosted its revenues and secured £2.2m from the Maven VCTs and NEDCF to expand its manufacturing lines and significantly increase headcount.

The new finance will enable it to launch a new County Durham site, following a significant increase in demand for its range of products.

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, added: "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."

Councillor James Rowlandson, cabinet member for resources, investment, and assets at Durham County Council, said: "We are delighted to support iPac in its expansion to a second site in County Durham. The company's dedication to producing 100 per cent recyclable, eco-responsible plastic packaging and their efforts to reduce plastic waste align with our net-zero ambitions for the county.

"iPac's expansion will contribute to the inclusive economic strategy of the region by creating new jobs and supporting the growth of the local supply chain. We look forward to continuing our support for the company's growth and its contribution to the local economy."


Keywords

Sustainable packaging , iPac Packaging Innovations , Maven Capital Partners , Finance Durham Fund , North East Development Capital Fund , Thermoformed packaging

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