MidCap Business Credit announced they have closed on a $14,000,000 Asset Based Credit Facility for EMD Acquisition, LLC. D/B/A Borman Specialty Materials, a portfolio company of Polymathes Capital in New Jersey.

Borman is a producer of specialty materials, including electrolytic manganese dioxide (EMD), which is the active ingredient in primary batteries and a feedstock for LMO batteries. The company is also a leading global producer of boron trichloride (BCI3), used in the manufacture of semiconductors, LED and LCD screens, epoxy resin, pharmaceuticals and boron fibers. 

The opportunity was sourced out of MidCap’s headquarters in West Hartford, CT.  Seth Cooper, Senior Vice President of MidCap Business Credit said, “We are excited to work with Polymathes Capital and the Borman team. We were able to structure a flexible working capital solution to assist the business in meeting their financial objectives”.