MANATI, Puerto Rico – Stonehenge Capital, in partnership with Capital One, Mid-City Community, Empowerment Reinvestment Fund and HEDC New Markets, today announced a $33 million investment in New Markets Tax Credit financing for Romark Global Pharma LLC. The $33 million NMTC investment provides final financing required for completion of Romark’s pharmaceutical manufacturing project in Manatí.
The NMTC investment will facilitate Romark’s strategic plans for expansion in Puerto Rico. In a first phase, Romark is investing $46 million to rehabilitate, retrofit and equip 33,000 square feet of vacant space to produce Romark products. The new facility is expected to bring 138 new jobs with an average wage of approximately $57,000 to the area, with nearly half the jobs for low-income individuals. The first phase is expected to lead to future expansion and projected employment of 220 people.
Romark Global Pharma is a subsidiary of Romark, a multinational, vertically integrated pharmaceutical company dedicated to the discovery, development, manufacturing and commercialization of innovative new medicines. The company’s U.S. headquarters are in Tampa, Florida.
“The NMTC investment has been essential to establishing our business in Manatí,” said Marc Ayers, President and Chief Executive Officer of Romark. “The impact will be profound – first in construction jobs in the local community, then pharmaceutical industry jobs in the local community, and finally in the development and manufacturing of pharmaceutical products that touch the lives of people in Puerto Rico, the United States and throughout the world. Puerto Rico is rich in talent and infrastructure specific to the pharmaceutical manufacturing industry. This is a unique opportunity, a win for all parties involved.”
The NMTC investment in Romark marks a major milestone in Puerto Rico’s recovery from Hurricane Maria, where the facility’s rehabilitation is seen as part of the recovery effort. The project has generated local support from the mayor’s office in Manatí, the Commonwealth of Puerto Rico and the Puerto Rico Industrial Development Company (PRIDCO) because of the number of projected jobs.
“With the New Markets Tax Credit investment, Romark is poised for growth and success,” said L’Quentus Thomas, Director for Stonehenge. “Romark is precisely the kind of company we look to invest in. They are dedicated to their employees, their community and their products.”