Eastern Bank provided financing to support the conversion of BostonbeaN, a provider of coffee, pantry and breakroom solutions, to a 100% employee-owned company. The financing includes a term loan to facilitate the establishment of an employee stock ownership plan (ESOP) as well as a revolving line of credit to support the company’s ongoing working capital needs.
“Employees have always been central to BostonbeaN’s growth and success,” Peter Johnson, owner of BostonbeaN, said. “Transitioning to 100% employee ownership is a meaningful way to recognize their contributions and support our company’s success and culture well into the future. Eastern Bank’s team demonstrated exceptional expertise in ESOP financing and a strong knowledge of our business, and their collaborative approach allowed this transition to come together smoothly and efficiently.”
Greg Buscone, executive vice president, chief commercial banking officer of Eastern Bank, said, “BostonbeaN’s decision to become employee-owned reflects a commitment to its business and rewarding the people who drive its success. We are pleased to support their ESOP transition and look forward to providing comprehensive banking services for their ongoing operations.”
The commercial banking team advising BostonbeaN includes:
- Greg Buscone, executive vice president, chief commercial banking officer
- Dan Field, senior vice president and commercial group director
- David Nussbaum, senior vice president and commercial team leader
- Frank Coccoluto, senior vice president and commercial team leader manager
- Sarah McCabe, vice president and portfolio manager
