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28 January 2014

ChargePoint to create new skilled jobs in Merseyside following investment

"I would encourage all management teams to think carefully about the growth plans for their businesses and have the confidence to start a conversation with different fund managers."

ChargePoint

Tony O'Sullivan Global Sales and Marketing Director, Richard Barton, Engineering Director and Chris Eccles, Managing Director, at ChargePoint Technology

Merseyside manufacturer ChargePoint Technology is looking to pursue growth plans by developing new products and accessing opportunities in emerging markets with investment from The North West Fund for Mezzanine, managed by Enterprise Ventures.

ChargePoint, based in Speke, Liverpool, supplies precision containment valves to some of the world's largest pharmaceutical and chemicals businesses, providing accurate and safe means of transferring powders from one vessel to another during the production process.

Originally developed in 1996 in conjunction with GlaxoSmithKline, ChargePoint valves are now used by almost every major pharmaceutical manufacturer globally and increasingly in other industries such as chemical, food manufacture and consumer goods.

The company has received a £1.6 million investment from Enterprise Ventures, including £900,000 from The North West Fund for Mezzanine and is set to create 15 new skilled jobs in Merseyside within the next three years.

The North West Fund for Mezzanine was launched in early 2013 and is a combination of equity, quasi-equity and mezzanine capital loans that can provide investment of £750,000 to £2 million for established businesses looking to grow. ChargePoint was looking for growth capital to support the company with a move to bring more of its manufacturing in-house, and The North West Fund for Mezzanine provided a flexible solution.  

ChargePoint exports approximately 85% of its products and won the Queen's Award for International Trade in 2012. Chris Eccles Managing Director said: "We have identified opportunities to increase sales in emerging markets, in particular the Far East, and to expand into other sectors including bio-pharmaceutical. This investment will allow us to pursue our growth plans and create more jobs at our manufacturing facility in Speke, Liverpool."

The investment reflects the opportunities available to UK companies in the global containment products market, as components used in critical production processes are integral to manufacturers' operations, protecting employees and preventing cross-contamination of product. 

Chris Eccles added: "I would encourage all management teams to think carefully about the growth plans for their business and have the confidence to start a conversation with different fund managers. The process of applying for finance has been useful for us, as it forced us to step back and re-evaluate our strategy. We have re-focussed our business as a consequence, and are now better positioned to achieve our objectives."

Stewart McCombe of Enterprise Ventures, which manages The North West Fund for Mezzanine, added "ChargePoint is ideally placed to take advantage of the global growth opportunities available, this investment will allow it to develop new products and increase sales and after-sales revenue by expanding its technical and support network."

 

For more information about how you may be able to access Mezzanine finance for your business please visit: http://www.thenorthwestfund.co.uk/funds/mezzanine 






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