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Eastern Bank Provides Financing For SPS New England, Inc.’s Conversion To An Employee-Owned Company

Business Wire
·3-min read

BOSTON, June 07, 2023--(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.

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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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230607005665/en/

Contacts

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