Eastern Bank Provides Financing For Raycon Construction, LLC’s Conversion To An Employee-Owned Company
11 Juillet 2023 - 7:30PM
Business Wire
Eastern Bank is pleased to announce it has provided the
financing to facilitate Raycon Construction, LLC’s sale of 100% of
its stock to a newly formed Employee Stock Ownership Plan (ESOP).
Founded in 2007, Raycon Construction is one of the largest
privately-owned concrete construction contractors in the Northeast.
Eastern Bank is also providing a revolving line of credit to
support the company’s ongoing financial needs. This financing
builds on a long-standing business relationship, as Eastern Bank’s
subsidiary Eastern Insurance Group LLC has provided commercial
insurance to Raycon Construction for more than a decade.
“After assessing a variety of options, it became clear to us
that the best way to take care of our loyal employees was via an
ESOP,” said Sam Haddad, President and CEO of Raycon Construction.
“Eastern Bank was attuned to our objectives, and structured and
managed the financing of a transaction that far exceeded our
expectations. Handling complex issues, such as analyzing and
modelling the capital structure to ensure adequate cash flow to
service the senior debt and seller notes, resulted in a healthy
capital structure that will benefit current and future generations
of Raycon employees.”
“Raycon Construction is pleased to begin a new banking
relationship with Eastern Bank,” said Liana Haddad, Chief Operating
Officer of Raycon Construction. “We are a growing family-run
business with a goal of becoming one of the nation’s largest
concrete contractors. It was important that the sale process to
become an ESOP went smoothly and without disruption to our
business. Eastern helped us achieve this and more, and we look
forward to its continued support with our day-to-day banking and
insurance needs.”
Greg Buscone, Executive Vice President, Senior Commercial
Banking Officer of Eastern Bank, said, “Raycon Construction prides
itself on delivering high quality projects, customer service, and
safe working environments for its employees, and we have enjoyed
supporting them through transitioning their family-run business to
employee ownership.”
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 Raycon Construction, LLC
includes Executive Vice President, Senior Commercial Banking
Officer Greg Buscone, Senior Vice President, Commercial
Relationship Manager David Nussbaum, and Vice President, Commercial
Portfolio Manager Benjamin Makowski. LockeBridge Capital Partners
served as sell-side advisor to Raycon Construction throughout the
management of the ESOP transaction.
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/20230711823642/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
Eastern Bankshares (NASDAQ:EBC)
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