London and Munich, 2 June 2014
WHEB Partners, the London and Munich based private equity fund manager, has invested €6.6m of growth capital in Mcor Technologies Ltd (Mcor). Mcor provides the world’s most affordable, full-colour and eco-friendly 3D printers. The company is based in Dunleer, Ireland.
While most 3D printing technologies are used to build models from expensive and often environmentally harmful plastic, chemically infused powder, or metal, Mcor 3D printers use ordinary office paper as the build material. This has several advantages:
- the paper can be imprinted with Mcor ink to give a much more realistic colour to the 3D objects than any other technology currently in the market;
- the use of inexpensive paper results in low total cost of ownership;
- ‘used’ paper can be utilised;
- the 3D printed objects are themselves fully recyclable thanks to the use of water-based adhesives in the build process.
“We are experiencing strong demand internationally for our products and this investment from WHEB will allow us to deliver on our exciting sales pipeline and, together with WHEB, build Mcor into a global 3D printing company,” says Dr Conor MacCormack, CEO and co-founder of Mcor. “We now have all the ingredients necessary to create a world beating 3D printing technology company, with new and innovative products on the horizon.”
Mr MacCormack and his brother, Fintan MacCormack, founded Mcor in 2005 and have increased revenues by 800% since 2012. The main customers are product design studios, architects, educational institutions, and print shops.
“We very much look forward to working together with Mcor to help them capitalise on their impressive growth potential,” says Dr. Alexander Domin, the Partner at WHEB who led the transaction. “The 3D printing market has experienced tremendous growth recently and Mcor is well positioned to take advantage of this trend thanks to its truly unique technology. Mcor’s 3D printers allow objects to be printed in high resolution colour while using environmentally friendly materials that cost 5% to 20% that of other technologies’ models. This potentially saves Mcor’s customers hundreds of thousands of dollars over several years of ownership. As such, this deal perfectly exemplifies the resource efficiency and growth opportunity themes in which WHEB invests.”
Advisers on the deal were Pagemill Partners (Corporate Finance for Mcor); William Fry (Legal adviser to WHEB), Eugene Collins (Legal adviser to Mcor); Ernst & Young (Financial Due Diligence); and Continuum (HR Due Diligence).
WHEB Partners (www.whebpartners.com) is a European private equity firm with assets under management of €255 million. Its funds invest in energy and resource efficiency technology companies with high growth potential. WHEB Partners is supported by the European Union through the Competitiveness and Innovation Framework Programme (CIP).
WHEB Partners is part of WHEB Group, a multi-strategy investment firm focused on the opportunities created by the global transition to more sustainable, resource efficient and energy efficient economies. The firm manages circa €450 million across a range of investment strategies. These include private equity, listed equity (investing in listed companies which provide solutions to sustainability challenges) and infrastructure (investing in renewable energy infrastructure projects in Europe).
WHEB | Private Equity
2 Fitzhardinge Street
London W1H 6EE
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