ERJ staff report (TP)
Cumbria, UK – DMACK, the British independent tire manufacturer, has closed a £3.5m (€4.2m) funding round with help from Maven Capital Partners, reported Growth Business.
Set up by Dick Cormack in 2006, DMACK is now further moving into the passenger car market and will use the capital it has secured from Maven to finance new tire moulds.
The business began its existence when first-time entrepreneur Cormack left his job behind at Pirelli to produce his own racing-grade tire.
Cormack said: “The investment by Maven will provide DMACK with the support needed to boost its range of customer and specialist tires, 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.”
The company has a dealer network of some 72 countries, according to a statement, and will now look to further develop the sales of its passenger tires with “proven motorsport engineering and performance attributes”.
According to its website, DMACK is “now firmly established as an FIA [Federation Internationale de l'Automobile] approved supplier to the World Rally Championship and the motorsport range has already taken victories in Australia, Canada, UK, New Zealand and Spain”.
The firm’s next strategic objective is to design and produce car, truck and industrial tires. It also has a manufacturing facility based in China.
This is an external link and should open in a new window. If the window does not
appear, please check your pop-up blocking software. ERJ is not responsible for the content of
Full story from Growth Business