- Rhino Health USA announced the closing of a $58 million New Markets Tax Credit (NMTC) deal. These are the details.
Rhino Health USA, a Fort Worth, Texas-based company, announced the closing of a $58 million New Markets Tax Credit (NMTC) deal, which will help fund the company’s $200 million investment in its large-scale manufacturing expansion in North Texas.
As the only domestic manufacturer of nitrile rubber gloves, Rhino is going to use the 400,000 square foot facility in Majestic Fort Worth South Business Park to produce 3 billion gloves per year. And this will be Rhino’s largest manufacturing facility to date and will also house the company’s corporate headquarters. Rhino’s investment will eventually bring about 520 new quality jobs to Fort Worth and will exponentially increase the company’s production output. Additionally, as nitrile gloves play a major role in Personal Protective Equipment, this expansion significantly strengthens the Made in the USA PPE supply chain infrastructure.
The NMTC financing will be used for funding nitrile glove manufacturing equipment and working capital and was made possible by five Community Development Entity Lenders: Texas Mezzanine Fund, Stonehenge Community Capital, Prestamos CDFI, Pacesetter CDE, and MBS Urban Initiatives. And U.S. Bancorp Community Development Corporation, the community investment and tax credit division of U.S. Bank, is participating as the NMTC investor. The project structuring and support were provided by Jennifer Veal, President and CEO of Community Inspired Capital Development, LLC and the Law Office of Mark D. Foster.
“We are pleased to close on this important tax credit transaction that will allow us to fully build-out our Fort Worth expansion. This shows that the marketplace is already responding to our product and that the future is very bright for Rhino Health USA, Inc.”
“Rhino would like to thank all the NMTC parties that made this transaction possible. The additional capital made possible from the NMTC transaction has been particularly impactful as this large-scale project is being implemented in an especially challenging economic environment, where construction and implementation costs are at all-time high.”
— Mark Lee, CEO of Rhino Health USA
“It has been a privilege working on such a consequential project with a great collaborative team.”
— Pacesetter CDE President Mark DiSalvo