MassDevelopment has provided $1.4 million in loans to Masy Systems Inc. of Pepperell for the purchase and installation of a state-of-the-art, environmentally-controlled storage facility for Masy's customers in the biotechnology, pharmaceutical and life sciences industries.
The loan was underwritten through the SBA 504 program with the services of BDC Capital of New England as the conduit lender for the subordinate debenture portion of the loan. The company used this new financing to expand its biorepository facility space six-fold, the majority of which will be used for -75 degree Celsius storage so that area companies and research institutions can maintain key biologic compounds used in research and development. In 2009, MassDevelopment provided $700,000 in financing for the first phase of their biorepository; the latest expansion will make the Masy facility one of the largest commercial biorepositories in the Northeast.
"Watching one of our clients grow is always exciting, but investing in its new expansion is even more satisfying," said MassDevelopment President and CEO Marty Jones. "Masy Systems provides valuable services to the commonwealth's vibrant life sciences and biopharmaceutical industry sectors. This project will seek to enhance and complement those services and provide valuable space to their customers and partners.
Since 1984, Masy Systems has provided an expanding array of services to its clients including validation and calibration services, equipment sales and rentals, datalogging and monitoring and the expanding biopharma storage services. The company, which has grown an average of 30 percent per year for the last five years, plans to add at least seven new jobs with this facility expansion, bringing their total employment level in Pepperell to more than 60 people.
"This expansion was driven by customer demand," said Laurie Masiello, Masy Systems Inc. president. "Our growth has come from not only new customers, but our existing customers asking us to do more. It is gratifying that they place their trust in us to safeguard their products in the conditions they require."
MassDevelopment, the state's finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the commonwealth. During fiscal 2011, MassDevelopment financed or managed more than 300 projects, generating investment of $3.8 billion in the Massachusetts economy. These projects are projected to create more than 10,000 jobs (2,547 permanent and 8,129 construction) and build or rehabilitate more than 1,000 residential units.