Rockland Trust announced it has provided a commercial financing package to Reed & Barton, a privately-held tableware and giftware company. The financing includes an asset-based revolving loan and term financing. Reed & Barton turned to Rockland Trust's Asset-Based Lending group for financial assistance to better position the company for future growth. After analyzing Reed & Barton's business needs, Rockland Trust created a personalized and comprehensive strategy for the company, combining asset-based financing with New Markets Tax Credit funds, which are designed to benefit businesses in low-income communities.
"Reed & Barton has an excellent reputation and long history of providing quality products and service," said Chris O'Connor, Senior Vice President of Asset-Based Lending at Rockland Trust. "Asset-based lending is a powerful solution that will provide them with the flexibility they need to grow their brand and business. We're thrilled to be able to assist Reed & Barton's growth plans as they create a stronger future."
A division of Rockland Trust's Commercial Lending team, Asset-Based Lending provides companies with senior debt and asset-based credit facilities for a variety of uses, including working capital, acquisitions, turnaround financing, capital expenditures, restructuring, and growth. Rockland Trust's financing will support Reed & Barton's business needs to sustain growth throughout 2013 and beyond.
According to Tim Riddle, Reed & Barton's President and CEO, "Rockland Trust was a natural choice to meet our financing needs. They have such a solid reputation and their commitment to customer satisfaction is evident throughout their organization. So much of building a solid banking relationship comes down to being comfortable with the team you're working with and knowing they will be there for many years to come. We have been most impressed with Chris O'Connor and the entire Rockland team.
"We are also most appreciative to the Clear Thinking Group for all of the assistance they provided in evaluating our financing alternatives," Riddle added. Clear Thinking Group, LLC was the exclusive financial advisor to Reed & Barton assisting the company in identifying and selecting a new lender.
"After considering a number of options for our near-term financing requirements, we found Rockland Trust's well-tailored proposal to be clearly superior to the other alternatives," noted Chuck Daly, Reed & Barton's Chief Financial Officer. "Chris O'Connor and his team obviously did their homework regarding our needs and designed a comprehensive package to meet our requirements. We have been very impressed with the entire Rockland team during this financing transition from our prior lender, and we have now also moved our cash management activities to Rockland Trust as a further vote of our confidence in their customer focus."
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