Member News
The latest funding round sees Maven increase support for the fast-growing business it first backed in 2019.
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 innovative and sustainable solutions to many of the UK’s tier 1 food producers 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.
The business was founded by Jonny Catto and industry veteran, and current Chairman 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 the Maven VCTs, Maven Investor Partners (Maven’s deal-by-deal investment syndicate), and NPIF II Maven Equity Finance, demonstrating the breadth of Maven's investment firepower and its confidence in the company’s growth potential.
The investment will support iPac’s vertical integration strategy and enable the business to further capitalise on its ESG-led product range. With growing consumer demand for ethical and environmentally sustainable packaging, iPac is well positioned to continue its expansion in this evolving market.
“Having first partnered with Maven in 2019, less than 2 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.”
Jonny Catto, Managing Director of iPac
"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. This investment is a clear example of Maven’s approach to building long term partnerships with ambitious founders and management teams, supporting them through each stage of their growth journey as priorities evolve."
David Nixon, Senior Investment Manager at Maven
"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."
Sarah Newbould, Senior Investment Manager at the British Business Bank
This marks the latest investment made by the North East team, showcasing Maven’s strong track record of identifying and nurturing high potential businesses across the region.
