Maine-owned company purchases competitors and plans to retain 115 Maine jobs
The Finance Authority of Maine (FAME) recently approved commercial loan insurance on three loans made by Camden National Bank totaling approximately $8 million to Casco Bay Vending of Lewiston to help finance the acquisition of the two largest vending operations in Maine, Canteen Service Company of Bangor, and the vending division of Pine State Trading Company of Gardiner. The move will help to retain 115 existing jobs in Maine.
Casco Bay Vending will now become the largest vending operation in the state. It provides vending services, including traditional and intelligent solutions, to businesses throughout the state.
“FAME is pleased to partner with Camden National Bank to support the growth of this Maine company and the retention of good paying Maine jobs,” stated FAME Chief Executive Officer Bruce Wagner. “We wish Casco Bay Vending well with its plans for growth in the coming years.”
“We are grateful for FAME’s assistance on this important project,” said Theodore 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.”
FAME’s Commercial Loan Insurance Program insures a portion of a loan to a business made by a participating financial institution. For a business, it may mean the difference between obtaining a loan or never getting the opportunity to start a business.