Eastern Bank provided $8 million in financing to Boston Battery for working capital, real estate and equipment.
Boston Battery is an independent, locally owned wholesale distributor of Interstate Batteries, an automotive battery brand. Boston Battery serves the southern New England market via its four retail locations and more than 1,000 authorized dealers. The company also offers a wide variety of non-automotive batteries for household, medical and industrial applications.
“We have quadrupled the size of our business over the past 10 years, through a combination of acquisitions and organic growth, and we look forward to partnering with Eastern Bank to continue on this growth trajectory,” Daniel Schmitz, president of Boston Battery, said. “Following a selection process and now having worked with the team at Eastern for several months, we are confident in their willingness and ability to support us in all of our financing needs.”
“On behalf of everyone at Eastern, we are excited to welcome Boston Battery as a new customer and to support a business working across our local economy,” Greg Buscone, executive vice president, senior commercial banking officer of Eastern Bank, said.
The Eastern Bank commercial banking team that advised Boston Battery included Greg Buscone, executive vice president and senior commercial banking officer; Don Lewis, head of asset-based lending; and Dan Bolger, senior vice president and relationship manager.
