Lowell Food Manufacturer Expands With MassDevelopment Bond
October 17, 2017
FOR IMMEDIATE RELEASE
Meggie Quackenbush, MassDevelopment, 617-330-2011 & 857-208-2777 (cell)
Jennifer Jolly, Plenus Group Inc., 978-970-3832
MassDevelopment has issued a $4.6 million tax-exempt bond for Plenus Group Inc., a family-owned manufacturer of soups, sauces, and gourmet frozen foods based in Lowell. MassDevelopment also enhanced the financing with a mortgage guarantee and an export guarantee. Plenus Group is using bond proceeds to buy and renovate the site it currently occupies in Lowell, and to expand with a 16,195-square-foot addition. The company will also use proceeds to buy and install new manufacturing equipment for this facility. Middlesex Savings Bank purchased the bond.
“This financing will allow Plenus Group to continue providing high-quality products to grocery stores, restaurants, and kitchens across the Commonwealth,” said MassDevelopment President and CEO Lauren Liss. “MassDevelopment is proud to support the state’s robust community of manufacturers through our creative financing solutions, and we’re especially excited to announce our support of Plenus Group’s expansion during Massachusetts Manufacturing Month.”
Established in 2002, Plenus Group Inc. manufactures private label products and two premier brands, Boston Chowda Co. and East Coast Gourmet. Its product line includes more than 500 recipes and the company has more than 200 different products currently in production. Plenus Group products are available at supermarkets, restaurants, colleges, universities, and other food service operators, including Hannaford, Publix Super Markets, Roche Bros., and the University of Massachusetts.
“MassDevelopment’s support will underpin our investment in the company, helping us accelerate our growth as we expand our production capacity and add to our employee base,” said Joe Jolly, CEO of Plenus Group. “We have a bright future ahead of us and very much appreciate the assistance we’ve received from state and city development agencies.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2017, MassDevelopment financed or managed 377 projects generating investment of more than $4.3 billion in the Massachusetts economy. These projects are projected to create about 9,488 jobs and build or rehabilitate 1,863 residential units.