FRX Polymers Inc., a Chelmsford, Mass.-based developer of polymeric halogen-free flame retardant solutions, secured AU $15.15m (approximately US$12m) in pre-IPO mezzanine financing.
The round was led by a major Chinese private equity fund with participation from Brightfield Chemical, an FRX Polymers distributor based in China, and several prominent private equity and hedge funds and family offices located in Australia, Hong Kong, and Southeast Asia.
The company intends to use the funds for business growth in Asia and start its Antwerp, Belgium-based plant expansion project.
Founded in 2007 and led by Marc-Andre Lebel, President and CEO, and Ross Haghighat, Chairman, FRX Polymers develops and produces an environmentally friendly family of sustainable inherently flame retardant plastics and oligomers, trade named Nofia®, targeted for electronics, textiles, building and construction, and transportation applications.
Nofia polymers and oligomers are transparent, high flowing and inherently flame retardant.