Dave Sutter is the president of Excelsior Marking, located in Akron, Ohio. Founded in 1905, Excelsior began by making rubber stamps, stencils, and tags. Today it’s a growing manufacturer of high-quality engraving and machining, photopolymer printing plates, branding irons and engraved dies, metal tags, stamps, embossers, nameplates, variable image barcode labels, and other marking products for a wide array of industries.
Dave, who at the time owned 40% of the business, was presented with the opportunity to purchase the rest of the company, but needed the help of a strong financial partner to get the funds to close the deal. He first turned to his bank of record for the previous ten years, but was unable to get the desired financing. “I had to search for someone to help make the deal happen all at once, without stretching out payments or the process,” Dave recalls. “I finally turned to KeyBank.”
Dave assumed 100% ownership of Excelsior Marking in 2011 with the help of Key Business Banking Relationship Managers. “They were very interested in working with us to speed up the deal,” says Dave. “Key was very helpful, taking time right at the beginning to get to know me and understand the business and what we do. Once they knew what we’re all about, they moved forward quickly and kept me informed at every step in the process.”
First, Key provided an SBA 7(a) term loan for Dave to fund the ownership buyout, but knew that more could be done to help ensure a strong balance sheet while promoting the company’s growth plan. “Key didn’t just make this loan and then stop. Their follow-up was excellent.” Key then opened an SBA Express Line of Credit to support Excelsior Marking’s ongoing working capital needs, including accounts receivable and inventory turns.
Key continues to meet Excelsior Marking financing needs with a recent equipment loan, followed by an additional loan for a software upgrade. Dave credits Key for providing the means for their expansion. “The company is in growth mode right now. Revenues are up 16% since we’ve begun working with Key Business Banking. Key became our official bank in 2012, and they’re now helping us continue our growth by financing a new machining center we’re setting up.” As Dave continues to identify opportunities, KeyBank will be there to help capitalize on them.
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