The commercial lending team at Cambridge Savings Bank offered a lending solution to support the growth of LAB Medical Manufacturing with acquisition financing for a new manufacturing facility in South Carolina. Headquartered in Billerica, MA, LAB Medical is a device manufacturer that produces precision surgical equipment.
Due to heightened customer demand, LAB Medical wanted to expand its production capacity through the acquisition of an existing manufacturing facility and machinery and equipment.
Given the specific building requirements the new property had to meet, LAB Medical broadened its search across the United States to find a sufficient space and identified a facility in South Carolina that offered the necessary space, manufacturing equipment and workforce to support the company’s continued growth.
LAB Medical has been a Cambridge Savings Bank customer for more than 10 years.
“Over the years, Cambridge Savings Bank has honored their relationship-centric approach and commitment to us time and time again through expert guidance, creative financial solutions and unwavering support.” Leon Bester, owner and CEO of LAB Medical, said. “The milestones that our company has been able to achieve with our new location in South Carolina wouldn’t have been possible without the help we received from Javier [Bellini] and the corporate banking team at CSB.”
With additional assistance from Cambridge Savings Bank offered in developing a succession plan to transition certain responsibilities from Leon Bester to his son, Krystian Bester, LAB Medical managed the acquisition and phased expansion of the new facility in 2021 (late 2020 acquisition and phased expansion in 2021). LAB Medical is projected to experience approximately $10 million in growth over the next five years.
“It has been a rewarding experience to be able to offer our longstanding customer the flexibility and capital to move a significant part of their operation into a new market,” Bellini, who is a corporate banking loan officer at Cambridge Savings Bank, said. “Despite the difficulties presented by this unique situation during such economic uncertainty, LAB Medical’s successful acquisition is yet another example of how relationship banking empowers our customers to set inspiring goals for their company’s next evolution.”
