Cambridge Savings Bank fuels Atlantic Equipment expansion with $4.3 million loan package


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CAMBRIDGE, Mass.–(BUSINESS WIRE)–
Cambridge Savings Bank (SCB)a full-service mutual bank with a customer-focused approach and over $5 billion in assets, announced that its Corporate Banking team provided Atlantic Equipment with $4.3 million in funding to support its East Coast expansion. Based in Revere, MA, the company is an equipment distributor specializing in the sale, service and rental of safety, roofing and construction equipment.

With the goal of becoming the premier distributor of security products on the East Coast, the company was looking for a financial institution to develop a bespoke lending solution to lay the foundation for its impending development. Expansion plans have been put in place as longtime owner and president of Atlantic Equipment, Colin Cashpasses the family business on to his son, Colin Cash Jr. and daughter, Jeanine Cash. After taking the time to understand their unique business needs and the future direction of the business, CSB offered a loan package to help the company complete the business succession plan and achieve its goals. of growth.

“As the management responsibilities of the business passed 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, CFO of Atlantic Equipment. “Cambridge Savings Bank proved to be the consultant we were looking for, devoting the time and energy to a thorough knowledge of our business and an in-depth understanding of the seasonal fluctuations that affect sales. The flexible package they have built perfectly meets our financial needs during the slower cash flow seasons, giving us full confidence that our partnership with CSB is one that will last for years to come.

Over the years, Atlantic Equipment has implemented a successful strategy of expanding into different states. Prior to opening a new location, Atlantic Equipment generates new business in the potential market to assess the need for construction safety products in the region and better understand where to focus efforts. The nation’s largest railing distributor with over $30 million in revenue, Atlantic Equipment has locations in Massachusetts, New York, Connecticut and Florida; with their tenth location which recently opened on April 1 in Maryland. With the help of CSB, the company will continue to conduct market research and build additional branches on the East Coast.

“Atlantic Equipment is a rapidly growing organization with clear potential to establish itself as a leading distributor in the construction industry,” said Brian AnneseSenior Vice President, Corporate Banking at CSB. “We were delighted to have had the opportunity to structure the right financial package to meet their needs. As their business continues to grow, we are committed to doing whatever it takes to help them continue to be successful every step of the way.

CSB’s Commercial Division is focused on meeting the needs of their local communities and businesses, offering a full range of business banking lending, commercial real estate lending, cash management and business services solutions. Cambridge Savings Bank is the bank you can trust to provide personalized services to meet your business needs. To learn more about CSB’s custom solutions for business entities, please contact Brian AnneseSenior Vice President Corporate Banking at [email protected].

About Cambridge Savings Bank

Cambridge Savings Bank is a full-service banking institution with over $5 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, our customers and the communities we serve. One of Massachusetts’ oldest and largest community banks, Cambridge Savings Bank offers a full range of personal and business banking services through a strong Massachusetts-based branch network and digital banking solutions for customers. traders, small businesses and consumers. In 2022, CSB received an investment grade rating from rating agency Kroll Bond, strengthening the bank’s position as a trusted corporate lender. To find out more about how CSB can meet your needs, visit us at cambridgesavings.com, or better yet, come meet us to help you get the most out of your banking relationship. FDIC member. Equal Housing Lender.

About Atlantic Equipment

Located in Revere, MA, Atlantic Equipment is an equipment distributor specializing in the sale, service and rental of safety, roofing and construction equipment and supplies for the contracting industry. The company provides fall protection equipment, roofing equipment, PPE, permanent and non-permanent guardrails and industrial supplies to the construction industry nationwide. For more information, please visit: atlanticasphalt.com.

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Source: Cambridge Savings Bank

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