Savings bank

Cambridge Savings Bank Offers Innovative Lending Solutions to Support LAB Medical’s Out-of-Market Expansion

CAMBRIDGE, Mass .– (COMMERCIAL THREAD) –Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-centric approach and more than $ 5 billion in assets, announced that its commercial lending team offers a lending solution to support the growth of LAB Medical Manufacturing with financing for the acquisition of a new manufacturing plant in South Carolina. Based in Billerica, Mass., LAB Medical is a device maker that produces precision surgical equipment for multi-billion dollar organizations.

Due to increased customer demand, LAB Medical was looking to expand its production capacity through the acquisition of an existing manufacturing facility and machinery and equipment. Given the specific construction requirements that the new property had to meet, LAB Medical widened its search nationwide to find sufficient space and identified a facility in South Carolina that provided the necessary space, equipment for manufacturing and skilled workforce to support the continued growth of the company.

LAB Médical has been a client of CSB for more than 10 years and the Bank has made it a priority to support its client throughout the pandemic, despite the unprecedented challenges of financing a new property. Starting with a PPP loan, CSB found innovative loan solutions for LAB Medical to help finance its expansion. The Bank followed an evolving due diligence process to ensure it was in a good position to defend the interests of this long-standing client.

“Over the years, Cambridge Savings Bank has honored its relationship-centric approach and commitment to us time and time again with expert advice, creative financial solutions and unwavering support. noted Léon Bester father, Owner and CEO of LAB Medical. “The milestones that our company was able to achieve with our new location in South Carolina would not have been possible without the help we received from Javier and the Corporate Banking team at CSB. ”

With additional help from CSB in developing a succession plan to transfer some responsibilities from Leon to his son, Krystian, LAB Medical successfully managed the acquisition and gradual expansion of the new facility in 2021 ( acquisition at the end of 2020 and gradual expansion in 2021). Now on track to meet its business goals, LAB Medical is expected to experience growth of approximately $ 10 million over the next five years. With another expansion in the Massachusetts area on the horizon, the development of the company will continue to create more jobs in today’s competitive market.

“It has been a rewarding experience to be able to offer our long-time client the flexibility and capital to move a significant part of their business to a new market” says Javier Bellini, Corporate Banking Credit Officer at CSB. “Despite the challenges of this unique situation during such economic uncertainty, the successful acquisition of LAB Medical is yet another example of how relationship banking enables our clients to set inspiring goals for the next evolution. of their business. ”

CSB’s commercial division is focused on the needs of their local communities and businesses, providing a full range of solutions for banking and business lending, commercial real estate lending, cash management and commercial services. 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: rkershaw@cambridgesavings.com.

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 the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full range of personal and business banking services through a strong network of Massachusetts-based branches and through digital banking solutions for individuals and businesses. commercial customers, small businesses and consumers. To find out more about how we 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.

About LAB Medical Manufacturing, Inc .:

LAB Medical Manufacturing, Inc. has been manufacturing medical devices for over 30 years. They are among the leading manufacturers of medical devices in their market segments, with experts in management, engineering and production. At LAB Medical Manufacturing, they can examine any component of a medical device and will recommend the most efficient and cost-effective solution to meet their customers’ goals and deliver the best patient outcome. As one of the fastest growing medical device manufacturers, they provide the value-added services that OEMs need to ensure cost optimization and robust designs. Whether it’s material selection or manufacturing design, they share their expertise with customers to ensure mutual success. For more information, visit: labmedical.com.


Source link