Financing will allow the HVAC preventative maintenance company to repay existing debt and provide working capital to the business
Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and over $6 billion in assets, announced that its Asset-Based Lending team (ABL) provided a senior credit facility to BFC Solutions (BFC), a national provider of commercial HVAC and refrigeration filter replacement and related routine preventative maintenance services. Headquartered in Nashville, TN, BFC is the largest national, self-performing, planned preventative maintenance company in the U.S.
“Our ABL team aims to serve as an extension of each client’s team, forming a true partnership tailored to the unique needs of their business. To that end, we are eager to work alongside BFC as they continue to scale their business.”
With a nationwide customer base comprising blue-chip retailers, restaurants, grocers, and convenience stores, BFC required a banking partner to help scale its business. The connection to CSB was made through Gemini Investors, a private investment firm based in Wellesley, MA. BFC is jointly owned by Gemini Investors and Boston based private equity firm AVALT Holdings.
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BFC will leverage the lending package extended by CSB to repay existing debt and finance ongoing working capital needs. With a team of roughly 600 service technicians managing more than 440,000 service requests in 2022, BFC sought a solution that would allow it to improve operational efficiency and invest in its future plans.
“CSB’s Asset-Based Lending team took a tailored approach and offered us a comprehensive financing package to help us meet our unique business challenges and needs,” said Philip Whitaker, Chief Executive Officer at BFC Solutions. “Further, this capital provides us the flexibility to advance our growth objectives. We sought an experienced partner that was more than a lender and CSB checked those boxes.”
The significant liquidity unlocked by the credit facility will support BFC’s day-to-day operations as well as its infrastructure for preventative maintenance programs. Its main offering is a unique patented Pleatlink air filter designed with superior characteristics relative to traditional box filters. Once a customer is onboarded with Pleatlink, it has access to BFC’s ancillary services including coil cleaning, refrigerated case cleaning, and reach-in cooler cleaning.
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“BFC is making a real difference by providing multi-location businesses across the country with healthier air quality, cleaner facilities, and well-maintained equipment, all at lower maintenance costs,” said John Bobbin, First Vice President, Senior Asset-Based Lending Officer at CSB. “Our ABL team aims to serve as an extension of each client’s team, forming a true partnership tailored to the unique needs of their business. To that end, we are eager to work alongside BFC as they continue to scale their business.”
Launched in 2019, CSB’s ABL team recently celebrated four years of offering clients the ability to safely leverage their assets for maximum potential, resulting in more than $400,000,000 in commitments provided. When conventional lending options are not the best solution, CSB’s ABL division can provide much-needed liquidity to help organizations fulfill growth plans. Whether a business is looking to borrow funds for growth, recapitalization, working capital, or an acquisition, CSB has an array of suitable financing options.
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