Private equity and alternative asset manager Maven Capital Partners has invested GBP3.5m into Carlisle-based tyre manufacturer DMACK to fund the next stage of expansion for the business.
DMACK designs and produces high performance tyres for the worldwide automotive market, specialising to date in the motorsport sector.
Maven’s investment will allow the company to meet the demand for PCR (passenger car) tyres through investment in new tyre moulds to increase the range and quantity of tyres available as the business continues to scale up in size.
The transaction was completed by Maven’s Glasgow-based investment team of Julie Glenny and Richard Elliott.
Elliott says: “We are excited to be working with Dick and his team to help DMACK achieve its growth aspirations. This was an opportunity for Maven to work with a proven and high calibre management team which has succeeded in establishing a new international brand and global distribution network in a fiercely competitive market. There is considerable potential for the company to expand into new geographic markets, and this deal will allow DMACK to significantly enhance its manufacturing capability.”
Dick Cormack, managing director at DMACK, says: “With a robust brand and unique range of products, DMACK has achieved enviable growth over the last three years. The investment by Maven will provide DMACK with the support needed to boost its range of consumer and specialist motorsport tyres, delivering the platform to enter new markets during this significant stage of development. The move will allow DMACK to build on its competitive advantage and facilitate sustainable revenue and growth.”
