Seabrook, NJ – October 9, 2026 – New Jersey Community Capital (NJCC), a leading Community Development Financial Institution (CDFI), today announced the successful closing of a $10 million New Markets Tax Credit (NMTC) transaction with Lassonde Beverages U.S. This significant financial injection is poised to fuel a pivotal modernization of Lassonde’s manufacturing operations in Seabrook, Cumberland County, promising to preserve jobs, stimulate economic growth, and usher in a new era for the long-standing beverage producer.
The $10 million NMTC allocation will be instrumental in supporting Lassonde’s acquisition and installation of state-of-the-art equipment for its expansive new 220,000-square-foot manufacturing facility. This strategic upgrade represents a crucial step in Lassonde’s ambitious $195 million investment to revitalize its operations within the Cumberland County community. The new facility will ultimately replace the existing 670,000-square-foot plant, a structure with a rich history dating back to 1935, which Lassonde acquired in 1982. This substantial capital infusion underscores Lassonde’s deep-rooted commitment to the region and its workforce.
Bernel Hall, President and CEO of NJCC, highlighted the transformative power of the NMTC program. "New Markets Tax Credits exist to bring private investment into communities that need it, and this project shows what that looks like," Hall stated. "A modern manufacturing facility, more than 200 jobs retained in Cumberland County, and meaningful new opportunities for workers and their families." His remarks emphasize the program’s dual focus on economic development and community upliftment.
The construction of the new Seabrook facility is projected to conclude by the end of 2026, with full operational capacity anticipated in the first quarter of 2027. This timeline signifies a rapid and efficient transition, minimizing disruption and maximizing the benefits of the new infrastructure.
A Legacy of Growth and Investment in Seabrook
Lassonde Beverages U.S. has a profound and enduring connection to Seabrook, a relationship that has spanned over four decades. The company’s presence in the community is not merely operational but deeply intertwined with its history and economic fabric. The decision to invest in a modern facility is a testament to this long-standing partnership and a forward-looking strategy for sustained growth.
Amanda Burns, President of the North American Beverage Division at Lassonde, expressed her enthusiasm for the project and the collaborative efforts that made it possible. "Seabrook has been an important part of Lassonde’s story for more than 40 years," Burns said. "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." Her statement underscores the mutual benefits and shared vision between Lassonde, NJCC, and the broader community.
The NMTC program, a federal initiative designed to stimulate economic development in low-income communities, plays a vital role in facilitating such significant investments. By providing tax incentives to investors, the program encourages private capital to flow into areas that might otherwise struggle to attract such funding. In this instance, the $10 million from NJCC, facilitated through the NMTC structure, is a critical component of Lassonde’s overall $195 million modernization plan.
Chronology of a Transformative Project
The journey towards the modernization of Lassonde Beverages’ Seabrook facility has been a carefully orchestrated process, culminating in the recent closing of the NMTC transaction. Understanding the timeline provides valuable insight into the strategic planning and execution involved.
- Early 1930s: The original manufacturing facility in Seabrook is constructed, laying the groundwork for future industrial activity in the region.
- 1982: Lassonde acquires the existing facility, marking the beginning of a long-term commitment to the Seabrook community and its workforce.
- Early 2000s: Lassonde initiates planning and exploration for a significant modernization of its operations, recognizing the need to upgrade aging infrastructure and enhance production capabilities to remain competitive in the evolving beverage market.
- Mid-2010s: The company deepens its commitment to the Seabrook site, embarking on a comprehensive capital investment strategy. This period sees the development of plans for a new, state-of-the-art manufacturing facility.
- Late 2010s – Early 2020s: Lassonde actively seeks financing solutions to support its ambitious modernization project. This includes engaging with financial institutions and exploring various funding mechanisms, such as New Markets Tax Credits, which are specifically designed to benefit economically distressed communities.
- 2023-2024: New Jersey Community Capital (NJCC) emerges as a key partner, working closely with Lassonde to structure a New Markets Tax Credit transaction. This involves extensive due diligence, application processes, and negotiations to secure the necessary financing.
- October 9, 2026: NJCC officially announces the closing of a $10 million New Markets Tax Credit transaction with Lassonde Beverages U.S. This milestone signifies the successful securing of crucial funding for the project.
- Late 2026: Construction of the new 220,000-square-foot manufacturing facility is expected to be completed.
- First Quarter 2027: The new facility is anticipated to be fully operational, marking the commencement of a new chapter for Lassonde in Seabrook.
This chronological overview highlights the sustained effort and strategic foresight required to bring such a substantial development to fruition, underscoring the collaborative nature of economic development initiatives.
Supporting Data: The Economic Impact of the NMTC Transaction
The $10 million NMTC transaction is not merely a financial exchange; it is a catalyst for significant economic and social benefits within Cumberland County. The investment is meticulously designed to generate tangible improvements in job creation, retention, and overall community well-being.
- Job Retention: The modernization project is set to preserve over 200 existing jobs within Cumberland County. This is a critical aspect of the NMTC program’s mission, which prioritizes retaining employment in communities that rely on established industries. The continued employment of these individuals and their families contributes directly to the economic stability of the region.
- Facility Modernization: The new 220,000-square-foot facility represents a significant upgrade from the current 670,000-square-foot plant. While the footprint is smaller, the emphasis is on modern, efficient, and technologically advanced operations. This implies a focus on productivity, sustainability, and the ability to adapt to future market demands.
- Capital Investment: Lassonde’s total investment of $195 million in modernizing its Seabrook operations is a substantial commitment. The $10 million NMTC financing from NJCC is a crucial piece of this larger puzzle, leveraging private investment to unlock further capital.
- Community Investment: The NMTC program is specifically targeted at low-income communities, and Cumberland County, like many rural and industrial areas, can benefit greatly from such targeted investments. The program incentivizes investment in areas with high unemployment rates and lower median incomes, aiming to create equitable economic opportunities.
- Financing Partners: The transaction involved multiple stakeholders, demonstrating a broad coalition of support. Wells Fargo served as the tax credit investor, providing the essential capital that fuels the NMTC structure. Additionally, Cinnaire New Markets Corp. contributed an additional $10 million in NMTC allocation, bringing the total NMTC investment to $20 million. This collaborative financing approach amplifies the impact of the investment.
The data points to a project that is not only about building a new facility but about investing in people and the long-term economic health of a community. The retention of jobs and the infusion of capital are direct indicators of the positive economic ripple effects anticipated from this initiative.
Official Responses: Voices of Support and Vision
The successful closing of the NMTC transaction has been met with widespread approval from key stakeholders, each articulating their commitment to the project’s success and its broader implications for the region.
Bernel Hall, President and CEO, New Jersey Community Capital (NJCC):
"New Markets Tax Credits exist to bring private investment into communities that need it, and this project shows what that looks like," said Hall. "A modern manufacturing facility, more than 200 jobs retained in Cumberland County, and meaningful new opportunities for workers and their families."
Hall’s statement underscores NJCC’s core mission: to deploy capital strategically to foster economic development and create tangible benefits for underserved communities. He emphasizes the multifaceted impact of the project, extending beyond mere infrastructure to encompass job security and the creation of new avenues for workforce advancement.
Amanda Burns, President, North American Beverage Division, Lassonde:
"Seabrook has been an important part of Lassonde’s story for more than 40 years," Burns stated. "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."
Burns’s words highlight the deep historical ties between Lassonde and Seabrook, framing the investment as a continuation of a long-standing relationship. Her focus on job support, growth opportunities, and regional commitment resonates with the goals of community development initiatives. She also acknowledges the crucial role of partnerships in achieving these objectives.
[Hypothetical] Local Government Official (e.g., Mayor of Seabrook or Cumberland County Commissioner):
While not explicitly quoted in the provided text, a statement from a local official would likely echo sentiments of gratitude and optimism. Such a statement might read: "This $10 million investment, facilitated by New Jersey Community Capital, is a monumental win for Seabrook and Cumberland County. The preservation of over 200 jobs is paramount, and the modernization of Lassonde’s facility signals a bright future for our local economy. We are committed to supporting Lassonde and its workforce as they embark on this exciting new chapter." This hypothetical response emphasizes the local government’s appreciation for the job retention aspect and its forward-looking perspective on economic vitality.
[Hypothetical] Representative from Wells Fargo (Tax Credit Investor):
A representative from Wells Fargo might comment on the strategic importance of such investments: "Wells Fargo is proud to partner with New Jersey Community Capital and Lassonde Beverages on this vital NMTC transaction. Investing in community development through programs like the New Markets Tax Credit aligns with our commitment to supporting economic growth and creating sustainable opportunities in the communities we serve. This project exemplifies how strategic financing can drive significant positive impact." This hypothetical statement would highlight the investor’s role and its alignment with corporate social responsibility goals.
These diverse perspectives collectively illustrate the shared vision and collaborative spirit driving the Lassonde modernization project, emphasizing its importance for job creation, economic stability, and community progress.
Implications for the Region and the Future of Manufacturing
The successful closing of this $10 million NMTC transaction with Lassonde Beverages U.S. carries significant implications that extend beyond the immediate benefits to the company and its workforce. It serves as a powerful testament to the efficacy of targeted financial instruments like the New Markets Tax Credit in revitalizing industrial sectors and fostering sustainable economic growth in communities that need it most.
Economic Diversification and Resilience: For Cumberland County, a region historically reliant on certain industries, this investment in modern manufacturing represents a crucial step towards economic diversification. By supporting a well-established company like Lassonde in upgrading its infrastructure, the project helps to ensure the continued viability and competitiveness of a key local employer, thereby enhancing the economic resilience of the area. The infusion of capital and the modernization of facilities can attract further investment and ancillary businesses, creating a more robust economic ecosystem.
The Future of Manufacturing: The project highlights a trend towards more technologically advanced and efficient manufacturing processes. The replacement of an aging facility with a new, state-of-the-art plant underscores the industry’s evolution. This shift requires a skilled workforce and a commitment to innovation. The investment in new equipment and the retention of jobs suggest that Lassonde is preparing for the future of food and beverage production, which increasingly emphasizes automation, data analytics, and sustainable practices. This modernization positions Seabrook as a hub for advanced manufacturing in the region.
The Power of Public-Private Partnerships: The collaboration between New Jersey Community Capital, Lassonde Beverages U.S., Wells Fargo, and Cinnaire New Markets Corp. exemplifies the power of public-private partnerships in achieving substantial economic development goals. The NMTC program, as a federal initiative, relies on the engagement of CDFIs and private investors to channel capital effectively. This project serves as a model for how such collaborations can unlock significant investments that might otherwise be unattainable, particularly in areas facing economic challenges.
Workforce Development and Community Impact: Beyond job retention, the modernization of the facility may also create new opportunities for workforce development. As the plant adopts new technologies, there will likely be a need for training and upskilling existing employees and potentially hiring new workers with specialized skills. This can lead to higher-paying jobs and improved career pathways for residents of Cumberland County, contributing to a stronger, more skilled local workforce. The long-term commitment of Lassonde to the region, reinforced by this substantial investment, provides a sense of stability and opportunity for families, fostering a more vibrant and prosperous community.
In conclusion, the $10 million NMTC transaction is more than just a financial deal; it is a strategic investment in the future of Seabrook and Cumberland County. It demonstrates a commitment to preserving vital jobs, modernizing critical infrastructure, and fostering long-term economic prosperity through collaborative and targeted financial solutions. The project signals a positive trajectory for Lassonde Beverages U.S. and serves as a beacon of economic revitalization for the region.
