To facilitate the acquisition and fit-out of the new building, Aspen One LLC, a related company, has received $3.36 million in tax-exempt bonds issued by the New Jersey Economic Development Authority. Commerce Bank directly purchased the 20-year bonds, which were issued at an initial interest rate of 4.85%.
"Our company has been growing since day one," according to Kia Nili, vice president and CFO of Mastercool, which was founded in 1982. "About every six years, we moved to a bigger location to accommodate our growth. About a year ago, we started looking into moving again. We knew that we were going to introduce some new products, and that we wanted to consolidate operations."
Mastercool, whose move more than doubles its current size, opened its new European headquarters in Belgium last spring. The company sells its products to such customers as Snap-On Tools, MAC Tools and Autozone.
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