A MALVERN company has received a £160,000 boost to help it invest in its products, expand its exports and bring four new jobs to the town.
The cash for Validair Monitoring Solutions has been provided by MEIF Maven Debt Finance through the Midlands Engine Investment Fund, which helps small and medium enterprises (SMEs) grow.
Validair, which currently employs 13 people in Malvern, provides environmental monitoring equipment and services for use in cleanrooms and clinical environments where contaminants need to be regulated and controlled.
It helps pharmaceutical, biotech, life sciences and food processing companies with the manufacturing process by monitoring aspects such as airborne particles, temperature, humidity and air pressure.
The company was originally started in Malvern in 2000 by four engineers under the banner SMS Limited.
The four worked in the monitoring industry and developed software and equipment.
The company was sold to American firm TSI in 2008 which wanted the software.
In 2009 Validair bought the other parts of the business which involve supplying equipment and servicing and maintaining it.
The firm has gone from strength to strength and Validair’s managing director Steve Wake said the Maven funding would help take the company to the next level.
“The four new roles are being created as part of our three-year growth plan.
“One of the things we will be doing is targeting the Republic of Ireland where ten per cent of the world’s pharmaceutical distribution comes from and 30 per cent of the World’s contact lenses.”
Mr Wake added he hoped the plan, which is already under way, would not only lead to bigger profit margins but also lead to more new jobs in the future.
“This is an exciting time for the business and we look forward to working with Maven in the coming years,” added Mr Wake.
Chris Rogers, Maven Capital Partners’ investment manager, said: “Validair is an established business with exciting expansion plans and we are delighted to support this highly passionate and committed management team on its continuing growth journey.”
Gary Woodman, Chief Executive at Worcestershire LEP, said he was delighted the Malvern firm had taken advantage of the scheme.
“The Midlands Engine Investment Fund is available to businesses across the region and I hope more businesses will capitalise on the benefits that this Fund can offer.”
Any other businesses interested in applying for funding can visit meif.co.uk for more information.