Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 billion in assets, and its asset-based lending team provided a revolving line of credit to Crave Better Foods, a provider of premium ice cream cookie sandwiches and frozen novelties located in Stamford, CT. In collaboration with private equity firm, Cannon Capital, the company acquired the Original Chipwich trademark in 2017 and has since updated the ingredients and been distributing the product in stores across the country.
As it continues expansion plans, Crave Better Foods was looking to establish a relationship with a banking partner to help facilitate future buyouts and growth initiatives. The revolving line of credit provided by CSB will allow the company to grow the business via similar acquisitions.
“We have been in the market for a banking partner to support our rapidly growing business for a few years, and after conversations with a number of different banks, I am extremely pleased with our decision to work with Cambridge Savings Bank,” David Clarke, CEO at Crave Better Foods, said. “Our partners at CSB have been patient, flexible, and supportive throughout the entire process, taking the time to intimately understand our business to shape an innovative lending solution that will be critical to our success.”
With ice cream being a seasonal business, Crave Better Foods will also leverage the capital provided by CSB to resolve inventory challenges throughout the year. The credit facility will allow Crave Better Foods to build inventory through the winter and spring seasons to support the influx of sales it experiences during the summer months.
“Cambridge Savings Bank is more than just a lender to us, they are our valued partner,” Gordon O’Brien, managing partner at Cannon Capital, said. “With the support of a strong institution who takes a relationship-centric approach to banking, we were quickly able to resolve outstanding business challenges and develop comprehensive expansion plans. As Crave Better Foods continues to evolve, we know that CSB will grow with us.”
When conventional lending options are not the best solution, CSB’s asset-based lending division can provide much-needed liquidity to help organizations fulfill growth plans. Whether a business is looking to borrow funds for growth, recapitalization, working capital or an acquisition, CSB has the financing options that can help companies meet a variety of business goals.
“Each Asset-Based Lending client requires significant time and attention to allow our expert team to develop a creative approach, tailored to their specific needs,” John Bobbin, first vice president, senior asset-based lending officer at CSB, said. “From the company’s inception in 2017, Crave Better Foods has demonstrated a clear potential for financial success, and it was a pleasure getting to know David, Gordon, and the ins and outs of their business. Our team is empowered to work fast to help the company succeed as their business continues to grow quickly.”
