Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and over $6 billion in assets, provided $2.6 million in financing to support the acquisition and transition of ownership for White Wood Kitchens, the well-known kitchen and project management company in Cape Cod, MA, to former Information Technology leader, Anton Emelianov. With locations in Sandwich and Pembroke, MA, White Wood Kitchens sells cabinets and countertops to residential and commercial clients, along with local and regional builders, primarily in Southeastern Massachusetts.
The previous owners relied heavily on modern technology to facilitate design and installation of projects, which is how Emelianov became interested in and involved with the company. Under Emelianov, White Wood Kitchens will update its multi-phase design and delivery process, which is facilitated by SaaS collaboration and a project management platform, to build efficiencies and deliver improved results.
In addition to the $2.1 million loan CSB provided Emelianov to facilitate the acquisition, the bank extended a $500,000 line of credit for operating expenses. With a focus on streamlining operations, the capital will be used to support the transition for White Wood Kitchens’ 14 employees and the implementation of modern tactics with future growth opportunities in mind.
“When the opportunity to take ownership of White Wood Kitchens arose, I searched extensively to find a lender to facilitate the acquisition and CSB was the only bank that offered the right terms for my specific needs,” said Emelianov. “Adam and the team at CSB have supported me every step of the way, particularly as I settle into my new role. I am confident that CSB is the best banking partner to set White Wood Kitchens up for success in the years to come as I modernize the business with digital methodologies.”
White Wood Kitchens has been recognized by several local and regional sources and companies including Diamond Furniture, The Home Builders & Remodelers Association of Cape Cod, and Houzz.com. Additionally, White Wood Kitchens recently won a GOLD PRISM Award from BRAGB (the Builders and Remodelers Association of Greater Boston) and multiple BRICC Award (Home Builders and Remodelers Association of Cape Cod) throughout the years.
As part of the newly implemented business development strategy, the company’s business philosophy is centered around the relationships that the contractors and build partners create. Future growth initiatives could include engaging in acquisition activity to expand to the South Shore of Massachusetts, including Weymouth and the southern tip of Cape Cod.
“At CSB, we have the financing options and experience needed to support local businesses during times of transition so they are well positioned for future growth,” said Adam Bispham, VP, Corporate Banking Loan Officer at Cambridge Savings Bank. “Anton is a visionary, and we believe he will elevate White Wood Kitchens’ success. We’re eager to consult with Anton and the White Wood Kitchens team as they evolve and increase their footprint across the Commonwealth.”
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 Adam Bispham at abispham@cambridgesavings.com.
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 across a robust Massachusetts-based branch network and through digital banking solutions for commercial, small business and consumer customers. In March 2023, Kroll Bond Rating Agency Affirmed CSB’s investment-grade rating, reinforcing the bank’s position as a reliable business lender. To learn more about how CSB can meet your needs, visit us at cambridgesavings.com, or better yet, come meet us to help you make the most out of your banking relationship. Member FDIC. Equal Housing Lender.