AdvanSource Biomaterials Corporation Completes the Sale of Substantially All of its Assets to a Subsidiary of Mitsubishi Chemical America
Burlington, MA – Mirus Capital Advisors announced today that it acted as the exclusive financial advisor to AdvanSource Biomaterials Corporation (“AdvanSource” or the “Company”), a materials technology company specializing in medical grade polymers for long and short term applications, in the sale of substantially all of its assets to Mitsubishi Chemical Performance Polymers, Inc. (“Mitsubishi Chemical Performance Polymers” or “MCPP”).
As previously announced, AdvanSource entered into an Asset Purchase Agreement with MCPP, a subsidiary of Mitsubishi Chemical America, Inc. and its shareholder, Mitsubishi Chemical Corporation, to sell substantially all of its assets to Mitsubishi Chemical Performance Polymers (the “Transaction”).
“This transaction offers our shareholders a meaningful premium,” said Michael Adams, CEO of AdvanSource. “We anticipate issuing a shareholder dividend in the near future.”
Patrick West who led the deal for Mirus said “we are pleased to have effected the deal between AdvanSource and MCPP. It is another example of Mirus helping large acquirers fully appreciate the value of lower middle market companies with unique value added technology.”
“Mirus has continued to expand our advisory services to publicly traded companies in recent years. The AdvanSource transaction marked Mirus’ third publicly traded client of 2019,” said Alan Fullerton, Partner.
The description of the Transaction contained herein is only a summary and is qualified in its entirety by reference to the Asset Purchase Agreement relating to the Transaction, a copy of which was filed by AdvanSource with the Securities and Exchange Commission (the “SEC”) as an exhibit to a Current Report on Form 8-K filed on December 2, 2019.
AdvanSource develops advanced polymer materials which provide critical characteristics in the design and development of medical devices. Its biomaterials are used in devices that are designed for treating a broad range of anatomical sites and disease states. Its business model leverages proprietary materials science technology and manufacturing expertise in order to expand product sales and royalty and license fee income.
About Mitsubishi Chemical Performance Polymers
Mitsubishi Chemical Performance Polymers, Inc. is a specialty chemical company and direct subsidiary of Mitsubishi Chemical America, Inc., the regional headquarters in North America of Mitsubishi Chemical Corporation. The Mitsubishi Chemical Corporation group of companies operates over 350 affiliates in more than 30 countries, with annual revenue in excess of $24 billion. Leveraging its affiliates’ manufacturing capabilities and expertise in R&D, sales, and marketing, MCPP seeks to innovate in compounding polymerization and polymer modification technologies for the 21st century, with a view towards sustainability practices in a circular economy.
MCPP’s products and expertise are used in a wide variety of specialized commercial applications in the packaging, construction, wire & cable, consumer, medical, 3d printing, and automotive industries.
Founded in 1987, Mirus Capital Advisors (“Mirus”) is a middle market investment bank, executing professional sell-side, buy-side and capital raising processes and providing tactical and strategic deal advice for both public and private companies. Its New England-based team is headed by senior investment bankers with an average of over ten years of deal experience and a track record of over 300 M&A transactions. Mirus is a member of GCG Capital, an international network of middle market investment banks. Mirus Capital Advisors is the parent company of Mirus Securities, Inc. Mirus Securities, Inc. is a Member of FINRA and a Member of SIPC.