Press Release MBA Polymers
Ambienta invests in MBA Polymers, a global company and world leader in the recycling of plastics
MBA Polymers announces $15 million of additional equity funding, increasing last financing round to a total of $40 million
Ambienta I to lead this additional funding. Nino Tronchetti Provera, CEO and Founding Partner of Ambienta SGR, to be appointed to the Board of Directors of MBA Polymers
Funds will support MBA Polymer’s growth strategy, focused on expanding geographic reach through new factories and capturing higher portion of post consumer plastics
Richmond, CA, February 22nd, 2011 – MBA Polymers, Inc., the cleantech leader in recycling engineering plastics, is pleased to announce the completion of an additional equity funding of approximately $15 Million, thus increasing its most recent financing round commenced last summer to a total of approximately $40 Million. This funding is led by Ambienta I, Europe’s largest private equity fund specialized in environmental investments. Proceeds from the funding will be used to support the Company’s existing operations and growth plans, including the building of new factories in Europe and in Asia.
Ambienta I will become a significant minority shareholder in the Company, and Nino Tronchetti Provera, CEO and Founding Partner of Ambienta SGR, will become a member of the Board of Directors of MBA Polymers, led by CEO Richard McCombs. Using proprietary processes, MBA Polymers recovers high‐value plastics from complex waste streams, extracting plastics from items such as household appliances, computer and business equipment and automobiles. The Company recovers and separates these high‐value plastics from each other and from the residual waste. The result is more energy efficient plastics at a quality that can be virtually indistinguishable from virgin resins.
MBA Polymers processes require a one tenth of the energy and natural resources of traditional plastics factories, resulting in reduced incineration and landfill. The Company’s capabilities are of great value to responsible corporations, allowing them to completely control the lifecycle of their products in an efficient and eco‐friendly way.
Founded in 1993, MBA Polymers currently operates three plant facilities (located in China, Austria and the UK), and the Company’s customers include top global brands in the electronics and appliance industries. With a staff of 259 employees located in 3 continents, the Company generated approximately $36 million in revenues during 2010, doubling its 2009 figures. “We believe that Ambienta will provide strong strategic and operational value to MBA given its investment objectives and geographical location,” commented Richard McCombs, CEO, MBA Polymers. “With Ambienta SGR’s investment, MBA will be able to continue our aggressive growth to meet our customers’ needs for high quality post‐consumer recycled plastic. Ambienta SGR is an active investor, and we are delighted that Nino Tronchetti Provera will be joining MBA’s Board of Directors.”
Nino Tronchetti Provera, CEO and Founding Partner of Ambienta SGR, commented on the agreement as follows: “Plastic not only accounts for almost 10% of the worldwide consumption of oil, but has also the lowest recycling rates of all high value basic materials and represents probably the most problematic to handle as a waste. This is the reason we have been following MBA Polymers progress in the last years, and we believe that what the Company has achieved is really remarkable, particularly looking at 2010 results. Here is a global platform with already three plants plus a few more to come, blue chip customers, an outstanding management team and a very strong and supportive group of investors. Furthermore, not only does MBA Polymers represent a clear environmental breakthrough, but it also makes a lot of sense from an industrial point of view, being able to produce plastics with negligible correlation to the price of oil. It therefore fits in our strategy of focusing on companies delivering real fundamental environmental and economic value, with no technology risk but strong and solid growth potential. I really think that Ambienta SGR will be able to help MBA Polymer’s management in the transformation of this great potential into financial results.”
Pellegrini & Mendoza LLP acted as special New York counsel to Ambienta SGR and Morgan, Lewis & Bockius LLP acted as special counsel to MBA Polymers.
MBA Polymers, Inc. (MBA) is the world leader at recycling high‐value plastics from complex waste streams and end‐oflife durable goods such as appliances, computer and business equipment, and automobiles. The company was founded in 1993 to expand the research capabilities in the area of plastics recycling, and to develop a commercial process for recovering plastics from complex streams of materials. Headquartered in Richmond, CA, MBA Polymers operates the three most advanced plastics recycling facilities in the world: one in Guangzhou, China one in Kematen, Austria and one in Worksop, England.
MBA Polymers has been recognized with numerous international awards, such as the Thomas Alva Edison Award for Innovation, the World Economic Forum Technology Pioneer Award, and the Tech Museum Intel Environmental Award. MBA Polymers has also been selected as a Global Cleantech 100 company in both 2009 and 2010 and as one of the top 5 CleanTech companies in Europe by two different organizations. In October 2010 Dr. Michael Biddle, Founder and President of MBA Polymers, received The Economist’s Energy and Environment Innovation Award at the magazine’s 2010 Innovation Awards ceremony.
For more information on MBA Polymers, visit its website at www.mbapolymers.com Ambienta SGR, authorized by the Bank of Italy on 5 November 2007, is the only Italian asset management firm created exclusively to manage environment‐friendly investments. Four partners are responsible for investment choices and fund management: Rolando Polli, founding partner with CEO Nino Tronchetti Provera, Guido Rivolta and Mauro Roversi. Ambienta SGR is 70% owned by its management team, 20% owned by the Intesa SanPaolo group, and the remaining 10% is owned by a group of Italian entrepreneurs. In addition to the four partners, the Board also includes Antonio Segni as Chairman, Carla Ferrari representing Intesa SanPaolo, and Carlo Pesenti representing the group of entrepreneurs.
MBA Polymers, Inc.
Dr. Mike Biddle, President and Founder
MBA Polymers, Inc.
Richmond, CA 94804, USA
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