Working capital to support increased production as the world-class fulfillment company manages an uptick in services following the pandemic
Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 billion in assets, today announced that its Corporate Banking team provided new client, Fulfillment America, Inc, with a $6.5 million financing package to support its next phase of growth. Headquartered in Billerica, Mass., Fulfillment America is a national six sigma fulfillment organization that provides B2C and B2B fulfillment services, including warehousing, printing, kit assembly, logistics, and more.
Latest Fintech News: eDesk releases WhatsApp Business Integration to Simplify Conversational Commerce for Retailers
The second-generation, family-owned fulfillment services company recently transitioned ownership from its founder, John Barry, Sr., to his children, John Barry, Jr., and Susan Barry Rasmussen. Over the last six years, the company has experienced considerable growth including in their printing services division which has doubled in volume every year since 2018. Currently the logistics printing partner for a host of national companies including Minted, Shutterfly, Dunkin, Subway, and Zola, Fulfillment America will leverage the capital from CSB to support increased customer demand.
“Despite the supply chain challenges presented by the pandemic, Fulfillment America has enjoyed a period of rapid growth over the last few years, necessitating the need for a financial solution to continue our momentum,” said Barry Jr., Executive Vice President at Fulfillment America. “Brian Annese has been a trusted partner for many years, and his support, guidance, and expertise have allowed us to be the best possible partner for all of our valued customers.”
Latest Fintech News: Counterpart Names Claudette Kellner as Insurance Product Lead and Eric Marler as Head of Claims
Fulfillment America was introduced to Brian Annese by its certified public accountant (CPA), who has worked as the company’s CPA since its founding in 1992. While areas of Fulfillment America’s business were impacted by the pandemic, demand for printing services and e-commerce fulfillment have increased over the last few years.
“It is always rewarding to have the opportunity to identify a creative solution that will support the evolving needs of a longstanding partner,” said Brian Annese, First Vice President, Corporate Banking at CSB. “Like CSB, Fulfillment America takes a customer first approach to its business, and we are thrilled to have been able to provide the necessary loan structure and capital to help the company meet the needs of its customers.”
Latest Fintech News: Breaking Wave, Deutsche Bank’s Innovative Fintech, Selects Relativity Trace for Compliance Monitoring
[To share your insights with us, please write to sghosh@martechseries.com]
