Tyre brand Dmack, famous for being the second tyre supplier in the 2011 FIA World Rally Championship has secured an investment of £3.5m from private equity managers Maven.
The investment is expected to fund the next wave of the company’s growth, boosting its production capacity. It will also increase its range of road-going and motorsport tyres by procuring new tyre moulds (they aim to have 100 sizes of car and truck tyres).
Dmack was formed in 2006 by managing director Dick Cormack. It participates at the upper echelon of rallying, attracting a global fan base.
“We looked at various options for investment including local schemes from the Cumbria LEP, but that wasn’t possible so we put the opportunity out to the private equity market,” Cormack said.
“Maven took a keen interest from the start and their support will really help DMACK’s next stage of business and facilitate sustainable revenue and growth,” he added.
The transaction was sealed by Maven’s Glasgow-based investment team of Julie Glenny and Richard Elliott. Elliott.