Eastern Bank Provides Financing For SPS New England, Inc.’s Conversion To An Employee-Owned Company
07 Junho 2023 - 12:00PM
Business Wire
Eastern Bank is pleased to announce its financing for SPS New
England, Inc.’s (SPS New England) conversion to an employee-owned
company. Founded in 1984, SPS New England is a bridge, highway,
transit and marine contractor providing construction, bridge repair
and design-build services to municipal and state clients throughout
New England. After working with SPS New England since 2017, Eastern
Bank is now providing a term loan to support SPS New England’s
conversion to employee ownership through the implementation of an
Employee Stock Ownership Plan (ESOP), making it a fully
employee-owned company. Eastern Bank is also providing a revolving
line of credit to support the company’s ongoing financial
needs.
“SPS New England remains steadfast in its commitment to its 500
employees,” said Wayne P. Capolupo, Chairman and CEO of SPS New
England, Inc. “Transitioning the company to an employee-owned
structure will provide a seamless succession for all future
generations and act as a springboard for immediate expansion and
growth. Eastern Bank’s experience with ESOPs has been extremely
helpful as they took the time to understand our business model and
then crafted a financing package to facilitate the ESOP transaction
as well as the future working capital demands of the company. We
look forward to continuing to work with Eastern Bank for all of our
commercial banking needs.”
“SPS New England attributes their success as a company—from
their innovative design-build projects to commitment to safety and
quality client experience—to the dedication of their employees,”
said Greg Buscone, Executive Vice President, Senior Commercial
Banking Officer of Eastern Bank. “We are pleased to provide our
deep knowledge of financing ESOPs to support their transition to
becoming 100 percent-employee owned.”
Eastern Bank provides a range of commercial financing offerings
to help companies across many industries to improve cash flow,
increase efficiencies and build for the future. Commercial lending
solutions include working capital/lines of credit, equipment/term
loans, real estate loans, acquisition financing, asset-based
lending and employee stock ownership plan-related financing.
The Commercial Banking team advising SPS New England, Inc.
includes Executive Vice President, Senior Commercial Banking
Officer Greg Buscone, Senior Vice President and Commercial Group
Director Dan Field, and Senior Vice President and Commercial Team
Leader Frank Coccoluto. Griffin Financial Group, an affiliated
company of SES ESOP Strategies, served as financial advisor to SPS
New England throughout the management of the ESOP transaction, and
legal services were provided by Stevens & Lee.
About Eastern Bank Founded in 1818, Boston-based Eastern
Bank has more than 120 locations serving communities in eastern
Massachusetts, southern and coastal New Hampshire, and Rhode
Island. As of March 31, 2023, Eastern Bank had approximately $23
billion in total assets. Eastern provides banking, investment and
insurance products and services for consumers and businesses of all
sizes, including through its Eastern Wealth Management division and
its Eastern Insurance Group LLC subsidiary. Eastern takes pride in
its outspoken advocacy and community support that includes $240
million in charitable giving since 1994. An inclusive company,
Eastern employs approximately 2,100 deeply committed professionals
who value relationships with their customers, colleagues and
communities. Join us for good at www.easternbank.com and follow
Eastern on Facebook, LinkedIn, Twitter and Instagram. Eastern
Bankshares, Inc. (Nasdaq Global Select Market: EBC) is the stock
holding company for Eastern Bank. For investor information, visit
investor.easternbank.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230607005665/en/
Media contact: Andrea Goodman Eastern Bank
a.goodman@easternbank.com 781-598-7847
Investor contact: Jill Belliveau Eastern Bankshares, Inc.
InvestorRelations@easternbank.com 781-598-7920
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