Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $6 billion in assets, provided $10 million in financing to American Gas Products (AGP), a full-service national industrial and specialty gas supplier. The capital will help finance new equipment, leasehold improvements at AGP’s new headquarters and refinance existing debt.
Based in Middleton, MA, AGP has grown significantly over the last two decades. It currently serves 10 national chains and 20 large wholesale customers, in addition to local companies, across several industries including health care, construction, beverage and more. A sustained uptick in sales prompted AGP to upgrade its facilities in April 2021.
“We evaluated several lenders to help meet our short-term growth objectives, and the fact that CSB was a community bank committed to supporting local businesses made the choice an easy one,” Matthew D’Auria, CFO and chief operating officer at American Gas Products, said. “As a family-owned company, everything we do is personal, and we didn’t want our banking relationship to be any different. CSB has taken the time to get to know us and our unique needs, showing up for us every step of the way, and we’re excited to partner with them.”
AGP leverages a network of independent industrial gas distributors who provide cylinder and/or bulk gas supply in 48 states. Despite a widespread international helium shortage, AGP’s access to helium supply has not been impacted due to its diversified supply chain that includes multiple contracts with small domestic wells.
Over the next few years, as part of the company’s succession plan, AGP founder and CEO, Mike D’Auria, plans to transition the business to his son Matthew. With this impending leadership transition, AGP will continue to consult with CSB for tailored solutions that can support its robust sales, continued evolution and growth plans.
“CSB is a community bank that’s not just here to execute transactions—we’re here to build real relationships,” Brian Annese, first vice president, senior corporate banking loan officer at Cambridge Savings Bank, said. “We prioritize working with our partners in an honest and creative way and seek to fully understand their business by making the time for them and actively listening to their needs. As AGP continues to grow, we will be there to support and partner with them every step of the way.”
