Daily News: May 11, 2017

Blue Hills ABL Team provides $2.5MM Facility to NELS


Blue Hills Bank closed a $2.5 senior credit facility with New England and North East Linen Supply (NELS), a linen service and uniform rental company serving the Northeast.

The senior credit facility provided by Blue Hills Bank’s asset-based lending group allowed NELS to refinance a portion of it’s existing senior debt, lower borrowing costs and support future working capital needs of the company. NELS includes North East Linen Supply and New England Linen Supply and is a portfolio company of Newton, MA-based New England Capital Partners.

Led by Keith Broyles, senior vice president of asset-based lending, Blue Hills Bank worked with New England Capital Partners to create a structure that provides the company with the capital it needs to growits business.

“This financing was provided in conjunction with Crystal Financial’s senior credit facility,” Broyles said. “It was great to work with both Crystal and New England Capital Partners to provide this financing package.”

“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,” said Kevin Malone, executive vice president of 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.”