Green Chemical Firm Receives $60 Million in Growth Capital From Leading International Petrochemical Producer
NEW YORK–(BUSINESS WIRE)–Morgan Joseph TriArtisan Group Inc. (“MJTAG”) reported today that its Technology Investment Banking Group specializing in clean technology successfully completed a cross-border transaction that resulted in a $60 million investment in Quincy, Massachusetts-based Myriant Technologies (“Myriant”), a leader in the production of multiple high value chemicals utilizing proprietary microbial biotechnology, from a major international petrochemical producer in Thailand.
“We are excited about our strategic partnership with PTT Chemical Group as it validates our technology, our rapid progress toward commercializing our products and technology, and the tremendous market opportunity that lies ahead”
Acting as exclusive financial advisor to Myriant, the Morgan Joseph LLC Technology Investment Banking unit, led by Managing Director Gene Ramirez, secured the equity investment from Thailand’s PTT Chemical Public Company Ltd. (SET:PTTCH), a leading worldwide diversified producer of petrochemicals that is a subsidiary of PTT Public Company Limited (SET:PTT), a Fortune 100 company.
The $60 million strategic investment will support Myriant’s continued growth, including expansion and creation of biochemical plants in North America and Asia. “We are excited about our strategic partnership with PTT Chemical Group as it validates our technology, our rapid progress toward commercializing our products and technology, and the tremendous market opportunity that lies ahead,” said Stephen Gatto, Myriant Chairman and Chief Executive Officer.
“This strategic financing and joint venture in Asia supports the Company’s continued growth and innovation in making quality, high-performing renewable chemicals available on a world scale basis. The addition of PTT Chemical Group is an important step forward in achieving the Company’s goal of global expansion especially as the renewable chemicals market, which is one of the hot, growing sectors, may exceed $50 billion by 2014”, said Mr. Ramirez.
“Gene Ramirez and his team at Morgan Joseph were highly instrumental in bringing this important association and crucial financing with PTT Chemical Group,” said Mr. Gatto. “As a result, we are now strongly positioned financially to pursue our expansion and growth plans.”
On December 28, 2010, Louisiana Governor Bobby Jindal announced that Myriant plans to construct, starting in early 2011, a 30 million pound plant at the Port of Lake Providence that, he said, “will be the world’s largest bio-based succinic acid plant.” Myriant’s succinic acid is made through a fermentation of sugars, and serves as a replacement for petroleum-derived chemicals used in food and pharmaceutical products, surfactants and detergents, plastics, clothing fibers, and biodegradable solvents.
HSBC acted as financial advisor to PTT Chemical Group.
About Myriant Technologies
With a world-renowned team of molecular biologists, engineers and chemists, Myriant utilizes proprietary technology to advance the development of low-cost cellulosic sugars for the sustainable commercialization of high-value specialty chemicals. The company’s D(-) lactic acid started production at commercial scale in June 2008 for use in polylactic acid. Myriant is headquartered in Quincy, Massachusetts. Details are available at www.myriant.com.
About PTT Chemical Group
PTT Chemical is a fully-integrated petrochemical and chemical company, combining visionary leadership and innovation in the chemical industry. PTT Chemical aspires to develop sustainable growth based on social benefit and global environmental standards under its vision to be the “Leading chemical company for better living through innovative technology and people.”
About Morgan Joseph TriArtisan Group Inc.
Morgan Joseph TriArtisan Group Inc. is a holding company, including Morgan Joseph LLC, a full service investment bank serving middle market companies, and Tri-Artisan Partners LLC, a merchant banking firm serving private equity companies and larger capitalization companies. The firm is a leading international provider of innovative and strategic corporate finance advice and solutions, and equity and debt financing, as well as M&A advisory services and value added private equity investment opportunities, in addition to providing equity research, institutional marketing and trading activities. Morgan Joseph TriArtisan Group is headquartered in New York City, and has offices in Atlanta, Dallas, Miami, Pittsford, NY, San Francisco, and Stamford, CT., as well as an FSA-registered office in London, England, and a representative office in Beijing, China.