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Lowell Food Producer Receives Financing For Manufacturing Expansion

Oct 17, 2017 | Reprints | Unlock Link | Print

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.

B&T Daily