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Blue Hills Bank’s ABL Team Provides a $2.5MM Senior Credit Facility to NELS

May 09, 2017, 08:00 AM
Filed Under: Textiles

Blue Hills Bank announced the closing of a $2,500,000 senior 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  corporate and education dining industries throughout the Northeast. 

The senior credit facility provided by Blue Hills Bank’s Asset-Based Lending Group allowed NELS to refinance a portion of their existing senior debt, lower borrowing costs, and support future working capital needs of the company.  NELS includes North East Linen Supply Co., Inc. and New England Linen Supply Co., Inc. and is a portfolio company of Newton-based New England Capital Partners.

Led by senior vice president, asset-based lending Keith Broyles, Blue Hills Bank worked with New England Capital Partners to create a structure that provides the company with the capital they need to grow their business. “This financing was provided in conjunction with Crystal Financial’s senior credit facility,” comments Broyles, “It was great to work with both Crystal and New England Capital Partners to provide this financing package.”

“Blue Hills Bank delivered, on time and as promised, plain and simple,” comments Robert Winneg, president of New England Capital Partners. “We have a true partner with Keith and his team and look forward to working with Blue Hills Bank as NELS continues to grow.”

Blue Hills Bank’s commercial lending department boasts a suite of commercial products including commercial real estate, specialized lending, government banking, lower-middle market and asset based lending along with top tier cash management services.

“The closing with NELS demonstrates how Blue Hills Bank’s asset-based lending department can deliver solid, smartly structured financing packages in a timely manner to companies operating within the lower end of the middle market located throughout the Northeast,” comments Kevin Malone, executive vice president, commercial banking at Blue Hills Bank. “We are looking forward to helping NELS and New England Capital Partners achieve their goals for many years to come.”

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