Responding to a crisis and realizing an opportunity
“No one has supported us more than Webster as we’ve gone through our challenging times and our times of growth. You just can’t do that without a strong financial partner.”
– Leo Tracey, Cathedral Art Metal
Client background
In 2010, a historic flood swept through Rhode Island. Cathedral Art Metal, a manufacturer of inspirational gift items based out of Providence, lost 85% of their operations. Owner Leo Tracey needed a rapid response in order to bet back to business, replenish damaged inventory and keep customer commitments.
The Moment
In 2017, Leo got a “phenomenal growth opportunity”; acquire Abbey Press’ wholesale marketing division and increase business by as much as 40%. Leo needed a banking partner who was ready to dig deep and help with opportunities as well as challenges and he found that partner in Webster Bank.
Our response
To help Cathedral Art Metal achieve its goal, Webster offered:
- A higher business line of credit to provide the working capital needed exactly when they needed it.
- Acquisition financing to purchase a complementary business that nearly doubled sales.
- Cash management services to streamline payment processes and maximize cash flow.
- Commercial real estate financing to help facilitate the construction of an additional manufacturing facility to meet the demands of their growth.
The results
Cathedral Art Metal weathered the storm, continued operations through a time of uncertainty and secured the growth of a business that’s not only important to Leo Tracey and his employees, but to the worldwide customers inspired by their products every day. Today, Cathedral Art Metal employs over 200 people thanks to the acquisition, helping grow the business by 25 – 40%, YOY.