Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 billion in assets, announced that its Corporate Banking team provided Atlantic Equipment with $4.3 million in funding to support its expansion across the eastern seaboard. Headquartered in Revere, MA, the company is an equipment distributor that specializes in the sale, service and rental of safety, roofing, and construction equipment.
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With the goal of becoming the number one distributor of safety products on the East Coast, the company was seeking a financial institution to develop a custom lending solution to lay the groundwork for their impending development. Plans for expansion have been put in place as longtime owner and president of Atlantic Equipment, Colin Cash, passes down the family-owned business to his son, Colin Cash Jr., and daughter, Jeanine Cash. After taking the time to understand their unique business needs and the future of the company’s leadership CSB offered a lending package to help the company complete the business succession plan and achieve their growth objectives.
“As the business management responsibilities were transitioning from one generation to the next, it was a top priority for us to find the right financial institution to support our expansion plans. We needed a trusted partner, not just a loan,” said Jack Duffett, Chief Financial Officer at Atlantic Equipment. “Cambridge Savings Bank proved themselves to be the consultant we were searching for, spending the time and energy needed to comprehensively know our business and establish a deepened understanding of the seasonal fluctuations that affect sales. The flexible package they built meets our financial needs during slower cash flow seasons perfectly, giving us full faith that our partnership with CSB is one that will last for years to come.”
Over the years, Atlantic Equipment has implemented a successful strategy for expanding into different states. Before they open any new location, Atlantic Equipment generates new business in the prospective market to assess the need for construction safety products in the area and to better understand where to concentrate their efforts. The largest guardrail distributor in the country with over $30 million in revenue, Atlantic Equipment has locations in Massachusetts, New York, Connecticut, and Florida; with their tenth location recently opening its doors on April 1st in Maryland. With the help of CSB, the company will continue to conduct market research and build additional branches across the East Coast.
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“Atlantic Equipment is a fast-growing organization with clear potential to establish themselves as a leading distributor in the construction industry,” said Brian Annese, First Vice President, Corporate Banking at CSB. “We were thrilled to have been given the opportunity to structure the right financing package to accommodate their needs. As their business continues to grow, we are committed to doing whatever it takes to help them continue to succeed every step of the way.”
CSB’s commercial division is focused on serving the needs of their local communities and businesses, offering a full suite of Corporate Banking Lending, Commercial Real Estate Lending, Treasury Management and Trade Services solutions. Cambridge Savings Bank is the bank you can trust to provide customized services to meet your business needs. To learn more about CSB’s custom solutions for commercial entities, please contact Brian Annese
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