Working Together

In January, Putnam, Connecticut-based Strategic Commercial Realty, Inc. DBA Rawson Materials was looking to build on their already successful company by acquiring Sterling Concrete Corp. of North Oxford, Massachusetts, a commercial and residential ready-mix concrete company with two Massachusetts facilities. Sterling Owner George DeFalco was interested in selling his company to someone that would care about his employees, and the acquisition would be pivotal to Rawson to expand its family of brands into the ready-mix concrete industry. Rawson’s portfolio already included aggregates, hot-mix asphalt, trucking, and manufacturing.

Company President Jeffrey A. Rawson knew they needed an exceptional banking partner—one with sufficient lending capacity and the wherewithal to finance a sizeable acquisition, but who was still nimble and responsive enough to get things done.

The challenge? Closing a deal of this magnitude—well north of $10 million—in about 90 days. Based on previous professional and charitable connections, Jeff and Rawson Controller Sergio Rodriguez reached out to bankHometown Senior Vice President Shawn McNerney, who immediately brought on the full power of the bankHometown Commercial Lending team, as well as President and CEO Robert J. Morton.

“The Rawson and DeFalco families had done business together for over 40 years, so synergies between our companies led us to believe it would be a perfect fit,” Jeff said. “With financing being such an important component of the deal, we knew that we needed the same kind of solid fit and collaboration in a lending partner. Already having a positive rapport with Shawn, we had a high degree of confidence.”

And, Jeff added, “We were very impressed with Rob’s involvement throughout the process, knowing that this was a sizeable loan and a new relationship.”

Within 30 days, bankHometown had everything it needed for formal approval and had lined up appraisals and valuations for the second Sunday in February—just a little over four weeks from first contact. With multiple partners expediting the process, the deal closed on April 8, effective April 9.

“I was impressed with bankHometown and their strong organization of people stepping up to the plate—being responsive, always available, able to adapt, and tackling any issues or hurdles head-on in order to work through them to resolution,” Jeff said.

“I’m confident that no other bank could’ve gotten a deal of this size and complexity done in the short amount of time we did,” said Rob. “Smaller banks can react but wouldn’t have the capacity to finance it. Bigger banks can finance it but get caught up in so much red tape, they can’t be as responsive and facilitate what needs to get done.”

Rob added, “That’s why I like to say that bankHometown really does offer the best of both worlds.”

“It’s all well and good for me to talk about our positive experience, but the proof in the pudding will be whether we come back and do business with bankHometown again in the future,” Jeff said. “For us, that answer is a resounding ‘Yes.’”

The Fuller family has been helping vehicle owners with automotive repair and service for more than a century. In fact, the company began in 1914, when great-grandfather Willis Fuller started doing horse and buggy repairs, quickly transitioning to automobiles to keep up with the new technology. His son, Freeman, and grandson, Richard, followed suit, expanding the Auburn-based business several times over the years and branching out into additional automotive services.

The Fuller family’s banking relationship with bankHometown spans several generations, too. Fourth generation owner Josh Fuller says it’s comforting to have that enduring, trusted relationship to turn to.

“Our longstanding relationship with bankHometown makes us feel like someone’s always in our corner, fighting for us to get things done,” says Josh. “Over the years, it’s been remarkable to watch our company grow alongside bankHometown. We’ve been honored to be part of their growth.”

Josh says when they were looking to finance construction of their new collision center on Rte. 20 in Auburn, it’s no accident he called upon bankHometown Senior Loan Officer Michael Mahlert and that decades-old relationship to help pave the way.

“They do whatever they need to do to get things done,” he says. “They’re always proactive, reliable, flexible, and attentive. They’re always ready to roll.”

Plus, he says the transformative power of bankHometown’s smart banking technology has kept their business competitively ahead of the curve.

In fact, he sees synergies in knowing the bank has his best interest at heart, much like his customers know he has theirs. “If it drives and breaks and sometimes crashes, our customers know we’re here for them. Fortunately for us, we feel the same way about bankHometown.”

Are your business plans stalled? We’ve got the know-how of the big banks but get to know you as a community bank. Contact Michael today at mmahlert@bankHometown.com or 508.499.1887.