Stonehenge Capital President, Tom Adamek and Assistant Vice President, Ryan Congrove, will join Ricardo Rosselló, Governor of Puerto Rico and Rosa Martinez, Acting Program Manager, U.S. Department of Treasury CDFI Fund’s New Markets Tax Credit, among others for the grand opening of the new Romark pharmaceutical manufacturing facility in Manati, Puerto Rico on Wednesday, May 8, 2019. Romark received a federal New Markets Tax Credit investment from Stonehenge Capital in 2018 to assist in the financing required to build and expand the facility.
More than 100 people will attend the grand opening ceremony, celebrating the investment of more than $70 million by project partners to establish the Puerto Rico operations, which will have the capacity to employ up to 200 people once fully operational. The grand opening will also provide an opportunity for attendees of the Novogradac Investing in Puerto Rico Conference, which Adamek and Congrove will attend, an opportunity to witness firsthand the benefits of investing in Puerto Rico, particularly following the impact of Hurricane Maria in the area. Stonehenge Capital’s NMTC investment in Romark marked a major milestone in Puerto Rico’s recovery from Hurricane Maria, as the facility’s rehabilitation was seen as part of the recovery effort.
"The NMTC equity was the final piece to the capital stack, allowing Romark to not only add quality employment opportunities today at a much needed time, but also restore a shuttered manufacturing site that has been vacant for years" says Congrove.
Romark plans to manufacture its worldwide requirements for its existing Alinia® products and NT-300 – an investigational new drug for treating colds and flu due to influenza A and B viruses, rhinoviruses and other enteroviruses, at the Manati facility.
To read more about Stonehenge Capital’s investment in Romark, click here.