Cambridge Savings Bank Extends Strategic Financing to Facilitate Management Buyout of Formaggio Kitchen

$5.3 million lending package to support specialty food store’s ownership transition, drive new efficiencies

CAMBRIDGE, Mass.–(BUSINESS WIRE)–#SMBsCambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and over $6 billion in assets, today announced that it has provided $5.3 million in lending to support the transition of ownership of Formaggio Kitchen, a regional chain of gourmet food stores specializing in cheese, to longtime employee Julia Hallman. After working for Formaggio Kitchen for 15 years as a senior buyer and general manager, Hallman successfully purchased the franchise in January 2023.

Drawing from over a decade of experience with the company, Hallman has developed an intimate understanding of Formaggio Kitchen’s operations and is uniquely positioned to steward the business moving forward. As she transitions to her new role, Hallman will largely focus on identifying new ways to engage and delight Formaggio Kitchen’s loyal customer base. CSB provided a loan to help finance Hallman’s acquisition of the business as well as an additional revolving line of credit for working capital to steer Formaggio Kitchen through its next phase of growth.

“I am deeply passionate about Formaggio Kitchen, and I am honored to carry on the traditions of this historic small business,” said Hallman. “CSB has been a phenomenal local partner that is supportive of my vision to put our customers first. We’ll use the working capital to elevate the customer experience as we enter new markets, always placing our customers’ needs at the heart of our approach.”

Formaggio Kitchen has been operating its flagship store in Cambridge for more than 40 years, specializing in importing rare and exclusive specialty foods from around the globe. Formaggio Kitchen stocks over 300 artisanal cheeses in addition to wine, beer, charcuterie, produce, olive oil, jams, honey, and a variety of other specialty food items. It also operates the first-of-its-kind cheese cave in North America underneath the Cambridge store, where cheeses are stored in a temperature and humidity-controlled space to preserve freshness as it ages. Formaggio Kitchen maintains three retail locations in the Greater Boston area as well as an ecommerce store that ships goods nationwide.

The lending package from CSB will allow Formaggio Kitchen to introduce new efficiencies to existing business operations. Formaggio Kitchen’s main business functions include sourcing and retailing quality products, hosting food and beverage pairing classes, maintaining day-to-day operations across three locations, and providing catering services for customers throughout Boston and the surrounding area.

“When we meet a customer that is as enthusiastic about their business as Julia is about Formaggio Kitchen, we do everything we can to form a partnership and structure a financing package that’s poised to support them,” said Jessica Kouyoumjian FVP, Senior Corporate Banking Relationship Manager at Cambridge Savings Bank. “Julia’s transition to ownership has been a natural process and it was an honor to play a role in her acquisition of Formaggio Kitchen. We look forward to supporting her team’s continued success as they delight customers throughout the Cambridge community and beyond.”

CSB’s commercial division is focused on serving the needs of its local communities and businesses, offering a full suite of Corporate Banking Lending, Commercial Real Estate Lending, Treasury Management, and Trade Services solutions.

To learn more about CSB’s custom solutions for commercial entities, please contact Rob Kershaw, Corporate Banking Senior Vice President at

About Cambridge Savings Bank

Cambridge Savings Bank is a full-service banking institution with over $6 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, customers, and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services and has branches located in Arlington, Bedford, Belmont, Burlington, Cambridge, Charlestown, Concord, Lexington, Melrose, Newton, Somerville, and Watertown. To learn more about how we can meet your needs, visit us at, or better yet, stop by one of our branches.

About Formaggio Kitchen

The Formaggio Kitchen family of stores began in 1978 with a vision of creating a European shopping experience in Cambridge, MA. Today, owner Julia Hallman operates three stores. Formaggio Kitchen is best known for their cheese. The Formaggio team travels throughout the US and Europe visiting dairies, cheesemakers, and agers of artisan cheese whose products it brings to its stores so that customers can experience the wonders of artisan producers. Beyond cheese, Formaggio sells wine, beer, charcuterie, produce, olive oil, jams, honey, coffee, tea, spices, chocolate, confections, and a variety of other specialty food items. For more information, visit:


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