Stever Locke, Inc. has a rich 77-year history producing metallic and non-metallic stampings for electrical applications, medical applications, and high-end industrial applications at their manufacturing facility in Honeoye Falls, NY.
In 2018, the business was facing challenges and many in the community were concerned about a possible closure and the economic impact that would come along with it. One of those concerned citizens did something about it.
Christopher Piedici, a long-time Rochester native, spent 15 years in public accounting and witnessed many businesses sold to companies that would cut employment and send jobs away from the area. Taking a calculated risk, Chris embraced his entrepreneurial spirit and purchased Stever Locke. “I didn’t want to see somebody come in and close the doors,” said Chris. “I wanted to continue that legacy of what Stever Locke was in this community.”
After acquiring Stever Locke, Chris turned the business around and focused on expansion. Having worked with a lot of start-ups and small businesses in his accounting practice, he knew how important access to financing can be to grow a business. Ascentium Capital came on Chris’ radar at a time when he was looking to finance a solar project. Although that project didn’t go through, his finance manager, Matthew Lent, kept in touch.
In manufacturing it can be incredibly difficult for smaller businesses to find financing solutions that support their needs and process. Piedici had the opportunity to acquire another manufacturing facility and move operations up to Honeoye Falls, significantly expanding Stever Locke’s capabilities. He needed money to support that project without depleting his cash reserves. Ascentium was there to help.
“Chris had a great opportunity to expand his operations, but needed financing to make it happen,” shared Matthew Lent, VP-Sales at Ascentium Capital. “We were able to provide a working capital loan that gave him access to short-term cash on the timeline he needed.”
Ascentium Capital’s flexibility worked extremely well for Stever Locke. Chris appreciated that Ascentium was able to quickly manage risk assessments and answer all of his questions yet gave him time when he needed it and didn’t burden the business with excessive documentation. According to Chris, “When you’re evaluating financing options, it’s always great to find an institution that supports you, supports your growth objectives, supports the situation and the project that you’re trying to achieve.”
The working capital loan quickly gave Stever Locke the liquidity it needed to finish the acquisition and manage the one-time expenses of moving the facility’s operations from New Jersey up to Honeoye Falls.
Christopher Piedici’s commitment to keeping jobs (and money) in the greater Rochester, NY area has made him an unstoppable force. Over the years he has acquired five companies and continues to drive economic improvements in the community. This savvy businessman not only found creative ways to overcome challenges but partnered with the right resources to help him achieve his dreams.
Ascentium Capital offers short-term working capital loans to fit the needs of small to medium-sized businesses nationwide. Whether you’re taking advantage of a can’t-miss opportunity, kicking off a killer marketing campaign or simply need to bridge receivables, we can help.
Contact us today to speak with a working capital loan specialist.