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Cambridge Savings Bank’s ABL Team Closes $12.5MM Deal with NELS

June 26, 2019, 08:39 AM
Filed Under: Rental

Cambridge Savings Bank (CSB) announced the closing of a $12,500,000 senior secured credit facility with New England and Northeast Linen Supply (NELS), a leading linen service and uniform rental company that provides a full suite of textile products to upscale restaurants and to corporate and educational institutions throughout the Northeast.

The senior secured credit facility provided by CSB allowed NELS to refinance their existing senior debt, lower borrowing costs, and support future working capital needs of the company. NELS, which includes North East Linen Supply Co., Inc. and New England Linen Supply Co., Inc., is a portfolio company of Newton-based New England Capital Partners.

“The Asset-Based Lending team at Cambridge Savings provided a refinancing structure that fit our company’s specific needs, and they completed the transaction as promised and on time,” said Robert Winneg, President of New England Capital Partners. “We have worked with Keith Broyles, Yvonne Kizner, and Cambridge Savings Bank previously and we look forward to a very productive partnership on this investment.”

“We are very pleased to provide this asset-based credit facility to NELS and New England Capital Partners.  The CSB ABL team worked very hard to get this done and to establish this great relationship,” said Keith Broyles, Senior Vice President and Head of Asset-Based Lending at Cambridge Savings Bank. “This deal provides an excellent example of how CSB ABL can execute and deliver customized financing solutions for companies that operate in the lower end of the middle market throughout New England. We are thrilled to be in business with the NELS team.”

Cambridge Savings Bank’s commercial division offers a full suite of Corporate Banking and Lending, Commercial Real Estate Lending, Cash Management and Trade Services solutions that can be customized to meet your business needs.

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