Keating Capital, Inc. 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 company’s $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.
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.”
Source: http://www.mbapolymers.com/