ChargePoint secures £1.6m investment
CHARGEPOINT Technology, a Merseyside supplier of precision containment valves to pharmaceutical and chemicals businesses, is to create more than 15 jobs in Merseyside following a £1.6m investment.
The deal includes the first investment by the £15m North West Fund for Mezzanine, which has provided £900,000, and £725,000 in return for a small stake from the Coalfields Funds. Both are managed by Manchester-based Enterprise Ventures.
ChargePoint’s containment valves allow manufacturers to transfer powders from one vessel to another during the production process. Originally developed in 1996 in conjunction with GlaxoSmithKline, ChargePoint’s valves are now used by almost every major pharmaceutical manufacturer and increasingly in other industries such as chemical, bio-pharmaceutical, food manufacture and consumer goods.
Customers include GSK, Pfizer, Henkel,DuPont, INEOS, Johnson & Johnson, Eli Lilly and Sanofi Aventis. The business employs 45 staff at its manufacturing facility in Speke and exports about 80% of its products.
Managing director Chris Eccles said: “ChargePoint sets the standard for containment valve technology within the pharmaceutical industry and our products are specified around the world. We have identified opportunities to increase sales in emerging markets, in particular the Far East, and to expand further into other sectors, including bio-pharmaceutical and food manufacture. This investment will allow us to pursue our growth plans, which includes the creation of over 15 skilled jobs in the next three years on Merseyside.”
The North West Fund for Mezzanine, launched earlier this year, provides investment of £750,000 to £2m for established businesses seeking finance for growth. It is part of the £155m North West Fund, which is funded by the European Regional Development Fund and the European Investment Bank.
Stewart McCombe, of Enterprise Ventures, said: “The North West Fund for Mezzanine is ideal for successful companies like ChargePoint, which have strong growth potential but may struggle to access investment in the current climate. This investment will allow ChargePoint to develop new products to take advantage of opportunities in emerging markets, and increase both sales and after-sales revenue by expanding its technical and support network.”
Paul Jones, Constantine Biller and John Davies of Clearwater Corporate Finance advised the management team. Linder Myers Solicitors provided legal advice while Grant Thornton provided tax advice. Ward Hadaway provided legal advice to Enterprise Ventures while Langtons Corporate Finance in Liverpool carried out due diligence.
