January 5, 2017

FAME helped facilitate vending company's deals

PHOTO / Amber Waterman
PHOTO / Amber Waterman
Bruce Wagner, CEO of the Finance Authority of Maine.

The Finance Authority of Maine played a key role in two acquisitions made this week by Casco Bay Vending.

FAME provided loan insurance of $8 million so Lewiston-based Casco Bay Vending could buy two of its competitors, Canteen Service Co. of Bangor and the vending division of Gardiner-based Pine State Trading Co.

The deal was announced Tuesday and reported in Mainebiz.

Camden National Bank provided the financing, which was done through three loans, FAME said.

About 115 jobs were preserved in the deal.

Casco Bay Vending will now be the largest vending operation in the state.

"We are grateful for FAME's assistance on this important project," said Ted Morton, principal with Casco Bay Vending. "This financing will allow us to create a strong, viable entity and move forward with our plans to increase our operations in the state."


Type your comment here:

Sign up now to get statewide business news each day with the Daily Report

Today's Daily Report
Today's Poll How would you rate Obama's presidency in terms of improving the economy?<>
Most Popular on Facebook