Hoff’s Kitchen Buying, Renovating Malden Building to Create State-of-the-Art Food facility With $10 Million MassDevelopment Bond
April 13, 2015
FOR IMMEDIATE RELEASE
Emily Dahl, MassDevelopment, 617-330-2086 & 978-394-3506 (cell)
Sue Perakis, Hoff's Kitchen Co., Inc., 781-396-8384 x 322 & 978-836-0943 (cell)
MassDevelopment has issued a $10 million tax-exempt bond on behalf of 35 Green Street LLC, an affiliate of Hoff's Kitchen Co., Inc. Also known as Hoff's Bakery, the company will use bond proceeds to acquire and renovate a 100,000-square-foot building, creating a state-of-the-art food manufacturing plant that will support the efficiency, quality, and food safety needs of the bakery. The new manufacturing plant will be in Malden, an economic target area and Gateway City.
“Hoff's Kitchen Co. is a major contributor to the Massachusetts food industry,” said Marty Jones, MassDevelopment President and CEO. “MassDevelopment is pleased to support this deal as Hoff's Kitchen expands and creates jobs—and more delicious desserts—in the Commonwealth.”
Founded in 1983, Hoff's Kitchen Co., Inc. is a wholesale bakery producing gourmet desserts for the retail and food service industries. It produces a variety of desserts, including cakes, tortes, cheesecakes, pies, and tarts. At capacity, Hoff's can produce 15,000 cakes per day. Some of its retail partners include Market Basket, Shaw's, Roche Bros., BJ's Wholesale Club, Price Chopper, Hannaford Supermarket, and Harvard University.
“Our experience with MassDevelopment has been truly amazing and beyond our expectations, the assistance from start to finish has been very helpful and comprehensive,” said Vinny Frattura, Hoff's Kitchen Co., Inc. President and Owner. “With the help of bond financing we will have a state of the art facility triple our size in square feet and have the ability to more than double our production capacity. It takes us from a strong regional player to the national stage.”
MassDevelopment, the state's finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2014, MassDevelopment financed or managed 314 projects generating investment of more than $2.9 billion in the Massachusetts economy. These projects are projected to create more than 6,300 jobs and build or rehabilitate more than 1,600 residential units.