Cindy’s Kitchen Celebrates Grand Opening in Brockton

Public Officials and Project Participants Praise Firm’s Commitment to City, Job Creation

Elected officials, project sponsors and guests joined Cindy’s Kitchen All Natural owners Ed and Cindy Byers for a ribbon-cutting ceremony to celebrate the grand opening of the gourmet food manufacturer’s new headquarters in Brockton. The company’s expanded facility will allow it to increase production to meet growing demand from its retail clients and consumers. Cindy’s Kitchen officials plan to hire 50 new workers in 2007 – nearly a 100 percent increase to its staff – and an additional 200 to 300 employees over the next several years.

"While planning our expansion, Cindy and I decided that we wanted to remain and grow in Brockton," said Byers. "This city and our dedicated employees played a critical role in the growth and success of our brand for more than a decade. The financing we received from The Life Initiative, MassDevelopment, MHIC, and Sovereign Bank helped us cut costs so we could maintain our location, grow our workforce, and expand our business." 

In partnership with its four primary sponsors, Cindy’s Kitchen relocated last month from its original Belmont Street facility to a building three times larger located at 40 Industrial Boulevard. A $1.6 million loan from The Life Initiative – a community development fund comprised of Massachusetts-based life insurance firms – enabled the Massachusetts Housing Investment Corporation (MHIC) to provide a $2.1 million financing package through its New Markets Tax Credit program. MassDevelopment – the state’s finance and development authority – and Sovereign Bank supplemented that funding with a $750,000 low-interest loan from its own shared New Markets Loan Fund. Sovereign Bank also serves as Cindy’s Kitchen’s primary lending institution, having provided the company with more than $800 million in credit and capital through the Bank’s Job Foundation Program. 

"Brockton’s commercial history is deeply rooted in manufacturing, and this project is proof that manufacturing can still thrive in the Commonwealth," said Robert L. Culver, MassDevelopment president/CEO. "We are pleased to support Cindy’s Kitchen and Brockton’s enduring industrial tradition with low-cost financing to outfit this cutting-edge facility." 

Established in 1996, Cindy’s Kitchen All Natural manufactures salad dressings, marinades and dips for wholesale and retail distributors nationwide including supermarkets like Whole Foods, Costco, and Roche Bros. The company’s products are all-natural and organic, and many are also available in sugar-free, dairy-free, and fat-free varieties. In 2006, the Metro South Chamber of Commerce named Cindy’s Kitchen "Small Business of the Year." 

"Ed and Cindy Byers are entrepreneurs with an uncommon dedication to their employees and community," said Scott Sanborn, Regional Executive, Senior Vice President for Sovereign Bank. "Their vision for Cindy’s Kitchen is a business model that combines job growth, top quality products, and community reinvestment – a powerful formula for success. We are excited to be working with Ed and Cindy as they execute this vision."

The federal government designed the New Markets Tax Credit Program to stimulate investment and economic growth in low-income neighborhoods by offering a seven-year, 39 percent federal tax credit for Qualified Equity Investments (QEI) made through investment vehicles like MHIC and MassDevelopment, which used capital derived from the tax credits to make loans to companies like Cindy’s Kitchen. 

MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions, and local officials to stimulate economic growth across the Commonwealth. Between FY2004 and FY2006, MassDevelopment financed or managed 589 projects statewide representing an investment of more than $4 billion in the Massachusetts economy. These projects are supporting the creation of 5,505 housing units and more than 23,000 jobs: 12,381 permanent and 10,679 construction-related.

Sovereign Bancorp, Inc., ("Sovereign") (NYSE: SOV), the parent company of Sovereign Bank, is a $90 billion financial institution with nearly 800 community banking offices, over 2,000 ATMs and approximately 12,000 team members with principal markets in the Northeast United States. Sovereign offers a broad array of financial services and products including retail banking, business and corporate banking, cash management, capital markets, wealth management, and insurance. Sovereign is the 18th largest banking institution in the United States.

Cindy’s Kitchen All Natural
140 Industrial Boulevard
Brockton, MA 02303