New Jersey Community Capital announced Oct. 9 the closing of a $10 million New Markets Tax Credit transaction with Lassonde Beverages U.S.
The financing from the NMTC will support Lassonde in purchasing and installing equipment for the company’s new 220,000-square-foot manufacturing facility in Seabrook.
The new facility will replace the 670,000-square-foot plant that is currently on the property. Built in 1935, Lassonde acquired the facility in 1982. The new plant is part of Lassonde’s $195 million investment to modernize its operations in the Cumberland County community.
“New Markets Tax Credits exist to bring private investment into communities that need it, and this project shows what that looks like,” said Bernel Hall, NJCC president and CEO. “A modern manufacturing facility, more than 200 jobs retained in Cumberland County, and meaningful new opportunities for workers and their families.”
Construction on the new facility is expected to finish by the end of 2026. The plant is then anticipated to be fully operational in the first quarter of 2027.
The new facility will allow Lassonde to:
- Increase production
- Have bottling operations onsite
- Add wastewater treatment, alternative energy systems and warehouse space for storage
“Seabrook has been an important part of Lassonde’s story for more than 40 years. We are proud to invest in a modern facility that supports local jobs, creates new opportunities for growth, and reinforces our long-term commitment to the region. We appreciate the support of NJCC and our financing partners in helping make this investment possible,” said Amanda Burns, president, North American Beverage Division at Lassonde.
Seabrook has been an important part of Lassonde’s story for more than 40 years.
– Amanda Burns, president, North American Beverage Division, Lassonde
Wells Fargo served as the tax credit investor for the transaction. Cinnaire New Markets Corp. provided an additional $10 million in NMTC allocation, bringing the total to $20 million.
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