Cambridge Savings Bank Extends $10 Million in Financing to American Gas Products to Support Rapid Growth

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Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and over $6 billion in assets, today announced that it has provided $10 million in financing to American Gas Products (AGP), a full-service national industrial and specialty gas supplier.

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Provider: 
Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Thursday, March 2, 2023
Information
Tags: 
Finance, Oil, Gas, Banking, Energy, Professional Services, Savings bank, Treasury management, CSB, Trade Services Utility, AGP, East Cambridge Savings Bank, Bank
Geotags: 
MASSACHUSETTS, UNITED STATES, NORTH AMERICA, MA
⚠ generated by AI ↴
Organisation: 
CAMBRIDGE SAVINGS BANK, AMERICAN GAS PRODUCTS
Summary
Key Points: 
  • Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and over $6 billion in assets, today announced that it has provided $10 million in financing to American Gas Products (AGP), a full-service national industrial and specialty gas supplier.
  • The capital will help finance new equipment, leasehold improvements at AGP’s new headquarters, and refinance existing debt.
  • With this impending leadership transition, AGP will continue to consult with CSB for tailored solutions that can support its robust sales, continued evolution, and growth plans.
  • “CSB is a community bank that’s not just here to execute transactions—we’re here to build real relationships,” said Brian Annese , First Vice President, Senior Corporate Banking Loan Officer Cambridge Savings Bank.


Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and over $6 billion in assets, today announced that it has provided $10 million in financing to American Gas Products (AGP), a full-service national industrial and specialty gas supplier. The capital will help finance new equipment, leasehold improvements at AGP’s new headquarters, and refinance existing debt.

Based in Middleton, MA, AGP has grown significantly over the last two decades. It currently serves 10 national chains and 20 large wholesale customers, in addition to local companies, across several industries including health care, construction, beverage, and more. A sustained uptick in sales prompted AGP to upgrade its facilities in April 2021.

“We evaluated several lenders to help meet our short-term growth objectives, and the fact that CSB was a community bank committed to supporting local businesses made the choice an easy one,” said Matthew D’Auria, Chief Financial Officer and Chief Operating Officer at American Gas Products. “As a family-owned company, everything we do is personal, and we didn’t want our banking relationship to be any different. CSB has taken the time to get to know us and our unique needs, showing up for us every step of the way, and we're excited to partner with them.”

AGP leverages a network of independent industrial gas distributors who provide cylinder and/or bulk gas supply in 48 states. Despite a widespread international helium shortage, AGP’s access to helium supply has not been impacted due to its diversified supply chain that includes multiple contracts with small domestic wells.

Over the next few years, as part of the company’s succession plan, AGP founder and CEO, Mike D’Auria, plans to transition the business to his son Matthew. With this impending leadership transition, AGP will continue to consult with CSB for tailored solutions that can support its robust sales, continued evolution, and growth plans.

“CSB is a community bank that’s not just here to execute transactions—we’re here to build real relationships,” said Brian Annese, First Vice President, Senior Corporate Banking Loan Officer Cambridge Savings Bank. “We prioritize working with our partners in an honest and creative way, and seek to fully understand their business by making the time for them and actively listening to their needs. As AGP continues to grow, we will be there to support and partner with them every step of the way.”

CSB’s commercial division is focused on serving the needs of its local communities and businesses, offering a full suite of Corporate Banking Lending, Commercial Real Estate Lending, Asset-Based Lending, Treasury Management, and Trade Services solutions. To learn more about CSB’s custom solutions for commercial entities, please contact Brian Annese at [email protected].

About Cambridge Savings Bank

Cambridge Savings Bank is a full-service banking institution with over $6 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, customers, and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services and has branches located in Arlington, Bedford, Belmont, Burlington, Cambridge, Charlestown, Concord, Lexington, Melrose, Newton, Somerville, and Watertown. To learn more about how we can meet your needs, visit us at cambridgesavings.com, or better yet, stop by one of our branches.

About American Gas Products

American Gas Products is a full-service industrial & specialty gas supplier. The company is a national leader in providing wholesale helium services and products. Through an extensive distribution network, AGP complete nationwide supply programs for cylinder and/or bulk helium gas within the Continental United States. In addition to helium, AGP also has the following business lines: National Beverage Carbon Dioxide Supply, Regional Welding Supply Retailer, Cryogenic Gases, Bulk, and cylinder propane sales. Learn more at: www.agpgas.com.

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