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DeepVerge buys Glanaco in Cork and secures £25m expansion loan

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Deepverge, the UK-listed medical and artificial intelligence company controlled by Irish entrepreneur Gerry Brandon, has secured a £25m loan.

eepVerge, formerly known as Integumen, has a life sciences division that includes a unit that produces lab-grown human skin that can then be used by customers in the cosmetics and skincare industries to test their products. The company works with most of the 20 largest cosmetics groups in the world.

DeepVerge’s Skin Trust Club uses artificial intelligence to enable consumers to take skin care and skin health tracking tests at home.

Through its Modern Water division, the UK company also develops analytical tools and technologies for monitoring toxicity in water, soil, food and industry. Last year it launched a new version of its Microtox PD system. It is used to detect pathogens in the water.

Since last year, Glanaco has been a collaborating partner and contractor in the production assembly and testing of Modern Water’s Microtox PD system as part of the €2.8 million DeepVerge expansion programme, supported by a €750,000 grant from Enterprise Ireland.

“This technical expertise, scalable production capacity and logistics facility in Cork, as well as existing long-term supply chain partners around the world, enable DeepVerge’s Modern Water division to accelerate production expansion in Europe,” the group noted.

It added: “The Glanaco acquisition will deliver cost savings, increase control and mitigate the risk of supply chain bottlenecks by providing in-house engineering expertise to increase efficiency and reduce uncertainty when disruptions to the supply chain occur supply chain can be seen as an impediment to global growth.”

The £25m mezzanine loan facility was provided by Riverfort Global Opportunities PCC and YA II PN. DeepVerge initially draws £4 million.

“This £25m mezzanine loan ensures the availability of growth funds, avoids stock market volatility and eliminates the need for discounted shareholder equity dilution,” said Mr Brandon, CEO of Deepverge.

https://www.independent.ie/business/irish/deepverge-buys-corks-glanaco-and-secures-25m-expansion-loan-41463696.html DeepVerge buys Glanaco in Cork and secures £25m expansion loan

Fry Electronics Team

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