Cambridge Savings Bank‘s asset-based lending team provided a $10 million revolving line of credit to Leadpoint Business Services, a Phoenix-based workforce solutions company that offers contingent workforce optimization, embedded supervisory and operating support and direct hire solutions.
Leadpoint has established itself as an operating partner in the waste and recycling industry, operating in 21 states and fostering long-standing partnerships nationwide. Leveraging its expertise in the recycling and manufacturing industries, the company excels in providing customized staffing solutions tailored to the specific needs of these sectors. With active staffing services across 45 job sites, Leadpoint sought additional financing to improve operational efficiency and support its rapid growth.
“From the onset of our partnership, Cambridge Savings Bank has operated as an extension of our team. They are familiar with our financing needs and have proactively identified creative solutions to maximize our growth potential every step of the way,” Dan Behrendt, CFO at Leadpoint Business Services, said. “We are grateful to have found a trusted partner to help us navigate complex financial decisions while also offering us the right amount of flexibility to comfortably scale our business.”
Boston-based private investment firm Copley Equity Partners facilitated the introduction between CSB and Leadpoint. Copley Equity Partners invests in privately held, lower-middle-market companies and commits to helping management teams on key strategic initiatives and business development opportunities post investment. As a portfolio company of Copley, Leadpoint collaborated with the firm to leverage the solutions extended by CSB, with a view to investing in the future of its business.
“This financing is a testament to the financial strength of Leadpoint Business Services and their unique service offering,” Stefano Belfiore, vice president head of capital markets at Copley Equity Partners, said. “When the opportunity arose to seek growth funding from the bank, I had complete confidence in CSB’s ability to propose tailored solutions that matched Leadpoint’s needs. With Leadpoint’s promising trajectory, we are thrilled to have a trusted partner like CSB, facilitating quick decision-making that will allow the business to flourish.”
“Our expert team takes a creative approach to identifying tailored solutions for the businesses that we serve” John Bobbin, first vice president, senior asset-based lending officer at Cambridge Savings Bank, said. “To support our partners in achieving their utmost potential, we begin by investing time, energy, and effort into gaining a deep understanding of their one-of-a-kind needs. Throughout the process, we have established a strong relationship of respect and trust with both Leadpoint and Copley Equity Partners. We look forward to the opportunity to collaborate closely with them in the future.”