MetaFund Facilitates Job-Creating Transaction
MetaFund is pleased to announce the completion of a recent transaction involving Blue Wave and Silver Wave Boats, located in Seminole, Oklahoma. These companies will be undergoing a multi-million-dollar expansion in their operations and adding 150 employees, funded by a collaboration between MetaFund, REI Development Corp., Horizon Holdings, LLC, U.S. Bancorp Community Development Corp (a division of U.S. Bank)., and the City of Seminole. MetaFund and REI utilized a portion of their New Markets Tax Credit (NMTC) allocations to enable this transaction.
The transition and expansion facilitated by this transaction ensures that the business will continue its history of growth and remain a vital contributor to Oklahoma’s economy. Currently, the business has a network of 59 boat dealers in 17 states, throughout the Gulf of Mexico and Midwest, and employs more than 125 people.
Following the retirement of the company’s founders, Horizon Holdings, LLC is partnering with the existing operators and part owners, to continue to build Blue Wave which was started in the 1990s. Over the years, the company expanded to create multiple boat lines, including fishing boats and Silver Wave Pontoons, which is one of the top-selling pontoon brands in Oklahoma.
“MetaFund is pleased to be able to use a portion of its recent $50 million NMTC allocation to facilitate projects such as this,” said Tom Loy, MetaFund’s Chairman and CEO.
“Over the past 15 years, MetaFund has received $189 million of NMTC allocations which provide capital in the form of 39% tax credits to worthy projects. Our success is directly attributable to our advisory board, our governing board, and our staff which works diligently to identify and vet projects which benefit distressed communities – areas where this capital is most needed,” added Blake Trippet, Chief Investment Officer and NMTC Coordinator.
MetaFund has leveraged its $189 million of NMTC allocations into projects totaling $630 million, resulting in the creation of over 2,200 jobs in Oklahoma.
MetaFund is a statewide non-profit Community Development Financial Institution which also has activities in Arizona, Kansas, and Nebraska. In addition to its NMTC program, MetaFund also funds loans in distressed areas, and works with its member banks to facilitate otherwise unbankable transactions. As a self-sustaining entity, MetaFund supports itself from revenues related to its mission-oriented loans and investments, and does not rely on charitable contributions, grants, or government funding.
