Ultra-Core Advanced Composite Technology secures MSIF Investment
9th August 2007
The launch of a new product which is set to change the face of all web based manufacturing, is being supported by major financial funding from the Merseyside Special Investment Fund (MSIF).
UK based Ultra-Core is the only dedicated manufacturer of Reusable Composite Cores to the paper, printing, packaging and converting industries worldwide. The Advanced Composite Technology used by Ultra-Core, offers significant benefits compared to traditional “use and discard” cardboard cores, providing new levels of stability, substantial savings on reduced waste paper and the potential for papermakers and their clients to reduce their environmental impact.
The multi-million pound financial investment package will help Ultra-Core to rapidly grow and expand its Reusable Composite Core sales both domestically and internationally whilst also enabling the relocation of the Assembly, Administration and Marketing operations to the Merseyside area.
This investment has been provided by a syndicate from the MSIF which includes Merseyside Special Investment Venture Fund, the Liverpool Seed Fund and North West Equity Fund together with support from HSBC.
Matt Allen, Investment Director of MSIF’s Venture Fund said: “Lots of businesses are looking at how to reduce waste and Ultra-Core has already established a global customer base. We believe the company has huge growth potential - it is run by an ambitious management team and we look forward to working closely with them through this exciting phase of development.”
MSIF Limited has funds totalling £107m, which consists of European monies through the Merseyside Objective One programme and private sector investment from Barclays, the Merseyside Pension Fund and the Cooperative Bank.
The £27m Liverpool Seed Fund is MSIF’s newest fund and invests in ideas, concepts, IP, technology and innovations. The North West Equity Fund is one of nine Regional Venture Capital Funds covering the English regions. NWEF makes initial venture capital investments in companies at all stages of their development and expects to support up to 100 companies over the life of the fund.
Ultra-Core is a trading division of Deva Composites Limited, specialists in Advanced Composite Technology. Having recognised the demand for a high performance product that can provide significant cost savings, reduced wastage and environmental benefits, Ultra-Core have confirmed their reputation as innovators of a new era in Core technology.
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