Two Stonehenge Capital portfolio companies, Flex-N-Gate and Innovative Bedding Concepts (InBedCo), were recently announced winners of Novogradac Journal of Tax Credits Community Development QLICIs of the Year awards. The awards, which recognize community development entities (CDEs) that made exceptional qualified low-income community investments (QLICIs) through the federal New Markets Tax Credit Program in the past year, will be presented at the Novogradac 2019 New Markets Tax Credit Fall Conference in Austin, Texas, on October 17.
Of the five categories of QLICI awards presented annually by Novogradac, Stonehenge Capital Community Development was recognized in two categories this year. This is the third consecutive year in which a Stonehenge investment has been acknowledged in this way.
“At Stonehenge Capital, we invest with purpose,” said L'Quentus Thomas, Managing Director of Stonehenge Community Development. “As a proud participant in the New Markets Tax Credit Program, we are committed to doing more for overlooked businesses and underserved communities. Moreover, we are also very grateful to partner with terrific companies like Flex-N-Gate and InBedCo in driving economic opportunity in our country’s most distressed communities.”
Stonehenge won QLICI of the Year in the operating business category for its New Markets Tax Credit (NMTC) investment in Flex-N-Gate, a manufacturer of automotive components. Flex-N-Gate’s expansion helped revitalize one of Detroit’s most distressed neighborhoods, bringing 800 new, advanced manufacturing jobs to Detroit’s I-94 industrial park.
Stonehenge’s NMTC investment in InBedCo, a minority owned and managed mattress manufacturer, won the small business QLICI of the Year award. Stonehenge’s investment allowed InBedCo to launch its newest product via a new sales channel – its Hero Beds are sold exclusively through herobed.com, and a portion of every sale is donated to charity. This new venture created a dozen new jobs in a highly distressed area of South Salt Lake City, Utah.
The Novogradac Journal of Tax Credits Community Development QLICIs of the Year Awards honor CDEs that demonstrate a well-executed vision and measurable community impact as well as those that show a commitment to establishing positive change in bringing more people and places into the economic mainstream.