CAMBRIDGE, Mass.--(BUSINESS WIRE)--Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and over $6 billion in assets, today announced that its Asset-Based Lending (ABL) team provided a $10M revolving line of credit to Leadpoint Business Services (“Leadpoint”). Headquartered in Phoenix, Arizona, Leadpoint is a full-service workforce solutions company offering contingent workforce optimization, embedded supervisory and operating support, and direct hire solutions.
Leadpoint has established itself as a trusted operating partner in the waste and recycling industry, operating in 21 states and fostering long-standing partnerships nationwide. Distinguishing itself from typical temporary staffing agencies, Leadpoint provides full-time work teams to its customers, extending permanent job opportunities accompanied by a comprehensive employee benefits program. Leveraging its expertise in the recycling and manufacturing industries, the company excels in providing customized staffing solutions tailored to the specific needs of these sectors. With active staffing services across 45 job sites, Leadpoint sought additional financing to improve operational efficiency and support its rapid growth.
“From the onset of our partnership, Cambridge Savings Bank has operated as an extension of our team. They are familiar with our financing needs and have proactively identified creative solutions to maximize our growth potential every step of the way,” said Dan Behrendt, Chief Financial Officer at Leadpoint Business Services. “We are grateful to have found a trusted partner to help us navigate complex financial decisions while also offering us the right amount of flexibility to comfortably scale our business.”
Boston-based private investment firm Copley Equity Partners facilitated the introduction between CSB and Leadpoint. Copley Equity Partners (“Copley”) invests in privately held, lower-middle-market companies and commits to helping management teams on key strategic initiatives and business development opportunities post investment. As a portfolio company of Copley, Leadpoint collaborated with the firm to leverage the solutions extended by CSB, with a view to investing in the future of its business.
“This financing is a testament to the financial strength of Leadpoint Business Services and their unique service offering,” said Stefano Belfiore, Vice President Head of Capital Markets at Copley Equity Partners. “When the opportunity arose to seek growth funding from the bank, I had complete confidence in CSB's ability to propose tailored solutions that matched Leadpoint's needs. With Leadpoint's promising trajectory, we are thrilled to have a trusted partner like CSB, facilitating quick decision-making that will allow the business to flourish.”
Cambridge Savings Bank’s ABL team performs detailed analyses of a broad range of collateral options, enabling them to optimize valuations and advance rates against this collateral. Additionally, CSB’s commercial division is focused on serving the needs of its local communities and businesses, offering a full suite of Corporate Banking and Lending, Commercial Real Estate Lending, Treasury Management and Trade Services solutions.
“Our expert team takes a creative approach to identifying tailored solutions for the businesses that we serve,” said John Bobbin, First Vice President, Senior Asset-Based Lending Officer at Cambridge Savings Bank. “To support our partners in achieving their utmost potential, we begin by investing time, energy, and effort into gaining a deep understanding of their one-of-a-kind needs. Throughout the process, we have established a strong relationship of respect and trust with both Leadpoint and Copley Equity Partners. We look forward to the opportunity to collaborate closely with them in the future.”
To learn more about CSB’s custom solutions for commercial entities, please contact John Bobbin, First Vice President, Senior Asset-Based Lending Officer at jbobbin@cambridgesavings.com.
About Cambridge Savings Bank
Cambridge Savings Bank is a full-service banking institution with over $6 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, customers, and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services across a robust Massachusetts-based branch network and through digital banking solutions for commercial, small business and consumer customers. In March 2023, Kroll Bond Rating Agency Affirmed CSB’s investment-grade rating, reinforcing the bank’s position as a reliable business lender. To learn more about how CSB can meet your needs, visit us at cambridgesavings.com, or better yet, come meet us to help you make the most out of your banking relationship. Member FDIC. Equal Housing Lender.
About Leadpoint Business Services
Leadpoint, the leading operating partner for the recycling and manufacturing industries, has provided high-performance work teams since 2000, helping companies optimize their operations and improve safety, productivity, and profitability. Based in Phoenix, Arizona, Leadpoint partners with companies nationwide, driving performance improvement, workforce stability, and operating excellence through its data-driven, hands-on approach.
About Copley Equity Partners
Established in 2012, Copley is a private investment firm with offices in Boston and Denver. Copley focuses on partnering with growing, lower-middle market private companies. The firm invests out of an evergreen, single family office capital base and is comfortable in both majority and minority ownership positions. The firm makes investments across a broad range of sectors to help businesses fuel growth, manage risk, and create enduring value. www.copleyequity.com.
