The consumer and industrial group of BHI, a full-service commercial bank, has provided $18.35 million in financing for Allstate Sales Group (ASG), a provider of telecom and electric infrastructure engineering, design and construction services. The financing consists of a senior secured revolving credit facility, a term loan facility, mortgage financing for three properties and a purchase card line.
Founded in 2008 and based in Holmdel, NJ, ASG is a provider within the information communication technology industry, providing end-to-end solutions that include design and construction services. ASG has been experiencing exponential growth as the company works with its telecom customers to service and build the 5G market. The company has increased its employee base by 197% in the past five years.
“We sought to change banking relationships and the expert team at BHI worked closely with us as a highly supportive partner. They understood the objectives of our business, providing the financing that will be strategic to help propel our ongoing growth,” Anthony Tepedino, owner of ASG, said.
“We welcome ASG as a valuable new client relationship for BHI. Our mission at the bank is to take a personal approach and tailor custom financial solutions specifically to meet our clients’ business goals. We look forward to a continuing productive partnership with ASG into the future,” Barry Renow, first vice president and relationship manager at BHI, said.