U.S.-based steel framing components and accessories manufacturer Novus Advanced Manufacturing has secured $10.5 million from Stonehenge Community Development LLC, a unit of financial services company Stonehenge Capital.
With the new capital injection, Novus will acquire a new facility in St. Joseph with an additional 40,000 square feet planned to be added in the future, which will serve as the first training site.
Novus will expand its existing manufacturing plant and install equipment such as an electrical grid, enhanced Wi-Fi infrastructure as well as constructing two new buildings on the three-acre property.
The construction of the facility is expected to be completed by summer 2019. As part of the deal, Novus and Stonehenge also partnered with BWC Consulting to secure tax funding.