MANKATO, MINN. (June 8, 12:25 p.m. ET) — MVC Capital Inc., a publicly held business development company, is buying a large minority stake in biopolymer products maker Biovation Holdings Inc.
MVC's initial investment in Biovation — a producer of biopolymer-based laminate materials and composites based in
Biovation uses biopolymers made primarily from corn and soybeans to make materials that can be extruded into flat sheet or rolls. Those items then can be printed on or texturized. Biovation's products are sold under the Biosurf trade name and can be used in decorative lighting, military applications, print media and similar areas.
“We believe that Biovation is well-positioned to take advantage of numerous opportunities that exist in the highly-fragmented decorative laminates industry,” MVC Chief Financial Officer Peter Seidenberg said in the release.
Biovation Chief Technology Officer Michael Riebel added that, with Purchase, N.Y.-based MVC's investment, Biovation can better achieve our near and long-term objectives.”