CAMBRIDGE, Mass.–(BUSINESS WIRE)–Cambridge Savings Bank (SCB)a full-service mutual bank with a customer-focused approach and more than $5 billion in assets, today announced that its Asset Based Lending Team provided a revolving line of credit to Crave Better Foods, LLC, a supplier of premium ice cream cookie sandwiches and frozen novelties located in Stamford, CT. In collaboration with a private equity firm, Cannon Capitalthe company acquired the Original Chipwich brand in 2017 and has since updated the ingredients and released the product to stores across the country.
As it pursues its expansion plans, Crave Better Foods was looking to establish a relationship with a banking partner to facilitate future takeovers and growth initiatives. The revolving line of credit provided by CSB will allow the company to grow its business through similar acquisitions.
“We have been looking for a banking partner for a few years to support our rapidly growing business, and after conversations with a number of different banks, I am extremely pleased with our decision to work with Cambridge Savings Bank,” said David ClarkCEO of Crave Better Foods. “Our partners at CSB have been patient, flexible and supportive throughout the process, taking the time to intimately understand our business to shape an innovative lending solution that will be critical to our success.”
Because ice cream is a seasonal business, Crave Better Foods will also leverage the capital provided by CSB to address inventory issues throughout the year. The credit facility will allow Crave Better Foods to build inventory during the winter and spring seasons to support the influx of sales it experiences during the summer months.
“Cambridge Savings Bank is more than just a lender to us, it is our valued partner,” said Gordon O’Brien, Managing Partner at Cannon Capital. “With the support of a strong institution that takes a relationship-centric approach to banking, we were quickly able to solve exceptional business challenges and develop comprehensive expansion plans. As Crave Better Foods continues to evolve, we know CSB will grow with us.
When conventional lending options aren’t the best solution, CSB’s Asset-Based Lending division can provide much-needed liquidity to help organizations realize their growth plans. Whether a company is looking to borrow funds for growth, recapitalization, working capital or an acquisition, CSB has the financing options that can help companies achieve a variety of business goals.
“Each asset-based lending client requires significant time and attention to allow our team of experts to develop a creative approach, tailored to their specific needs,” said Jean-Bobbin, Senior Vice President, Senior Asset Backed Lending Officer at CSB. “Since the company’s inception in 2017, Crave Better Foods has demonstrated clear potential for financial success, and it has been a pleasure getting to know David, Gordon and the ins and outs of their business. Our team is empowered to work quickly to help the company succeed as its business continues to grow rapidly. »
CSB’s Commercial Division is focused on serving the needs of their local communities and businesses, offering a full range of business banking and lending, commercial real estate lending, cash management and business services solutions. To learn more about CSB’s custom solutions for business entities, please contact John Bobbin, Senior Vice President, Senior Asset-Backed Lending Officer at jbobbin@cambridgesavings.com.
About Cambridge Savings Bank
Cambridge Savings Bank is a full-service banking institution with over $5 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, our customers and the communities we serve. One of Massachusetts’ oldest and largest community banks, Cambridge Savings Bank offers a full range of personal and business banking services through a strong Massachusetts-based branch network and digital banking solutions for customers. traders, small businesses and consumers. In 2022, CSB received an investment grade rating from rating agency Kroll Bond, strengthening the bank’s position as a trusted corporate lender. To find out more about how CSB can meet your needs, visit us at cambridgesavings.com, or better yet, come meet us to help you get the most out of your banking relationship. FDIC member. Equal Housing Lender.
About Crave Better Foods, LLC
Founded by packaged goods industry veteran David Clarke, in collaboration with Cannon Capital, Crave Better Foods is on a mission to find and revitalize authentic, loved brands. Crave Better products are made with integrity, premium ingredients to deliver the authentic experiences and great taste that today’s consumers demand.
About Cannon Capital
Cannon Capital is a private equity firm that helps teen businesses grow into elite organizations. Cannon leverages its unique entrepreneurial, operational and financial experience to help companies reach their full potential. Cannon’s investment strategy breaks down the barrier between private equity/lower-middle-market special situations and later-stage companies.
