Salem Five’s business credit team has closed a $15 million senior credit facility for Ockers Technologies, giving the 105-year-old, family-owned technology solutions provider added capital and flexibility for its next phase of growth.
The financing package includes a revolving line of credit and a commercial real estate loan. The asset-based lending solution will enable Ockers to pursue strategic acquisitions, expand its customer base, invest in talent and better manage the seasonality of state contract payment cycles.
With roots dating back more than a century, Ockers Technologies has evolved from an office equipment company into a leading provider of technology solutions, including audiovisual systems, managed IT services, infrastructure, lighting, technical support and mission-critical IT. Based in Middleborough, the company serves municipalities, educational institutions and other public sector organizations throughout Massachusetts.
“This financing reflects our relationship-driven approach to commercial lending,” Michael Richardson, vice president of business credit at Salem Five, said. “We took the time to understand Ockers’ business, its growth plans and the unique cash flow dynamics of serving public sector customers. The result is a flexible financing solution that gives Jay and his team the resources they need to continue growing.”
Jay Houser, third-generation president and CEO of Ockers Technologies, added, “We were looking for a banking partner that would take the time to understand our business and support where we’re headed. Michael and the Salem Five team listened, understood our needs and delivered a creative financing solution that gives us the flexibility to grow at the pace our business requires. With the start of the state’s new fiscal year, the timing couldn’t be better and we’re excited to build a long-term relationship with Salem Five.”
