Cambridge Savings Bank (CSB), a full-service mutual bank with more than $6 billion in assets, and its asset-based lending team provided a credit facility to Bigbelly Solar, a provider of waste solutions for public spaces. Headquartered in Needham, MA, Bigbelly manufactures cost-effective products.
Since its founding in 2003, Bigbelly has been on a quest to transform the waste operations industry. The Company initially introduced solar-powered compacting bins that provided more capacity than a traditional bin and, in 2010, Bigbelly added ‘smart’ bin capabilities through its CLEAN platform, allowing for real-time alerts and enhanced efficiency. To date, Bigbelly has provided more than 1,800 customers with more than 86,000 waste stations across 60 countries
“At Bigbelly, we are committed to partnering with organizations that share our passion for improving communities and spaces,” Brian Phillips, president and CEO at Bigbelly, said. “As we considered our future growth and innovation, Cambridge Savings Bank stood out as the right financial institution to help us achieve our objectives while simultaneously allowing us to uphold our values. Keith and the rest of the CSB team delivered precisely as promised. In CSB, we have found a banking partner and a reliable ally in our quest to make a visible impact on the environment and beyond.”
With a vision to expand its global footprint and cater to new markets, Bigbelly sought additional liquidity to unlock efficiencies and realize its growth ambitions. The customized lending package arranged by CSB will be strategically allocated to refinance existing debt and support working capital needs as the company looks to enhance operational capabilities by bringing manufacturing in-house. This move aligns with the company’s goal of diversifying its product portfolio, reducing costs and expediting delivery times, thereby enabling sustained expansion and innovation.
“With an admirable mission and well-established reputation, Bigbelly is exactly the kind of organization that our Asset-Based Lending team aspires to support,” Keith Broyles, SVP, head of asset-based lending at CSB, said. “We go beyond offering generic solutions, and subsequently invested the time to understand Bigbelly’s needs so we could structure a package that supports their continuous advancement. It’s rewarding to align with a partner that is making strides in sustainability and enhancing public spaces globally.”
