Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 billion in assets, announced that its Asset-Based Lending team provided a $4M credit facility to GWA Auto Parts (GWA), an importer, distributor and online retailer of automotive aftermarket parts, to support working capital investments as the company pursues strategic growth through catalog expansion and M&A efforts.
After GWA was acquired by JMH Capital Partners, a middle-market private equity firm based in Boston, MA, the auto part manufacturer was in search of financing to support the growth of the business and the associated working capital needs. The strategic growth plans for the business have added working capital requirements beyond their previous financial institution’s capabilities. As a result, JMH Capital was seeking a banking partner that offered them the flexibility to meet GWA’s significant potential for growth and build on its strong e-commerce presence.
“JMH partnered with GWA to support the human resource needs and capital needs of the business as they navigate the accelerating growth of automotive aftermarket parts sold through e-commerce channels,” said Tatum Bevis, Managing Director at JMH Capital. “Cambridge Savings Bank has supported our efforts to expand GWA’s business from the get-go. Their quick and efficient service delivery positioned GWA to take advantage of future growth opportunities and further establish credibility in the automotive aftermarket category.”
Now on track to reach their business objectives at GWA, Bevis and his team are actively looking to purchase other growing businesses in need of recapitalization. The custom lending solutions offered by CSB has opened the door for the two organizations to work together in a broader capacity as future acquisitions materialize.
“We are honored that JMH Capital trusted Cambridge Savings Bank to build tailored lending solutions that accelerate GWA Auto Parts’ future growth,” said John Bobbin, Senior Asset-Based Lending Officer at CSB. “Our Asset-Based lending team is eager to support the unique needs of businesses throughout our community by bringing a personal touch to lending that empowers the growth of each of our customers.”
CSB’s commercial division is focused on serving the needs of their local communities and businesses, offering a full suite of Corporate Banking and 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 Keith Broyles, Senior Vice President, Head of Asset-Based Lending, at kbroyles@cambridgesavings.com.