Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 billion in assets, provided a lending package to facilitate TransCOR Information Technologies’ business succession plan. Retiring from his post as president, TransCOR’s founder recently sold the company to long-time employee, Derek Biersteker, who assumed the leadership role. CSB supported TransCOR’s acquisition strategy with a lending solution that included two small business association (SBA) term loans totaling $2.1 million and a non-SBA line of credit for $2.5 million.
Transitioning into his new role, Biersteker was seeking a financial institution that offered innovative solutions to oversee the acquisition and maximize the company’s potential for growth. While familiarizing themselves with TransCOR’s business needs, the CSB team identified areas of improvement for the company related to safety and security. As a result, TransCOR is also leveraging CSB’s treasury management tool to enable maximum efficiency and eliminate potential security threats moving forward.
“For me, the first step in effectively managing the TransCOR business was finding a trusted partner to help oversee the company’s financial needs,” Biersteker said. “I went through the due diligence process of interviewing several financial institutions and was impressed by the team at CSB from the beginning. The flexibility that they offer, and their genuine understanding of our business have been essential elements of the continued success for our organization following the change in ownership.”
Located in Georgetown, MA, TransCOR provides rugged mobile computer solutions for reliable data retrieval, communications and storage. Their products, including the Panasonic TOUGHBOOK, are made to survive extreme conditions such as drops of up to six feet, rain, pressure, altitude, extreme heat or cold, dust and vibrations and are optimized with embedded wireless systems, global mobile broadband, and lightning-fast processors. Serving the municipal public safety departments, government organizations and field service organizations across the greater Northeast, TransCOR’s in-house installation team provides ergonomic and safe installation in customer vehicles.
“We are delighted to have the opportunity to support TransCOR in their next evolution of growth,” Jessica Kouyoumjian, vice president, commercial lending at CSB, said. “It has been a pleasure getting to know Derek and his inspiring vision for the future of TransCOR. Together, we worked to develop a financing package that ensures the company will be well-positioned to achieve their goals and continue to meet their customers’ needs under new management.”
