Consumables
MBA Polymers Receives Additional Investment from Keating Capital
Thursday 24. February 2011 - Pre-IPO Investor Provides Growth Capital to Leader in Plastics Recycling
Keating Capital, Inc. (www.KeatingCapital.com) announced today that it made an additional $900,000 investment in MBA Polymers, Inc., one of its existing portfolio companies. This additional investment was made on February 22, 2011, as part of an extension of MBA Polymers Series G Convertible Preferred Stock financing in which a total of approximately $14.6 million was raised. Keating Capital had previously invested $1.1 million in the initial closing of the companys $25 million Series G financing round in October 2010.
According to MBA Polymers, this Series G extension round provides important funding that will allow the company to accelerate its growth strategy of adding processing facilities. MBA Polymers extended the initial Series G financing to allow Keating Capital to increase its investment and to include a single European fund investing approximately $13.7 million in the Series G extension.
Founded in 1993 and based in Richmond, California, MBA Polymers is a global manufacturer of recycled plastics sourced from end of life durable goods and previously destined for a landfill, such as computers, electronics, appliances and automobiles. The recycled plastics are then sold as “drop-in” green replacements for virgin plastic to original equipment manufacturers (OEMs) and other customers who desire a cheaper and/or greener alternative to virgin plastics. MBA Polymers has production facilities in China, Austria and the United Kingdom, and a demonstration facility in California.
Commenting on the increased investment, Keating Capital CEO Timothy J. Keating stated: “As our assets under management increase, we will be correspondingly increasing the average size of our new portfolio company investments. In the case of MBA Polymers, we were pleased to have had the opportunity to add to an existing position within our portfolio.”