Amid Sharp Growth, BlueTarp Financial Raises Equity and Expands Credit Capacity Trade Credit Provider Poised to Exploit Resurgent Housing Market
PORTLAND, Maine, July 23, 2013 /PRNewswire/ -- BlueTarp Financial, the leading trade credit provider for the building supply industry, today announced it recently closed a $15 million equity round led by new investor Long Ridge Equity Partners. BlueTarp's existing investor group, including Highland Capital Partners, Flybridge Capital Partners, Village Ventures and Trinity Ventures, also participated in the round. The equity infusion was completed in conjunction with the expansion of the company's credit facility with Wells Fargo Capital Finance, part of Wells Fargo & Company. The combined funding expansion positions BlueTarp to continue its rapid growth and significantly expand the number of building supply dealers in its program. "We are pleased to have completed financing for BlueTarp," said Andrea Petro, executive vice president of Wells Fargo Capital Finance. "We are proud to have been able to work with BlueTarp's senior management team and look forward to supporting their plans for successful business growth."
Long Ridge Equity Partners, a private investment firm focused on the financial services industry, led the equity round. "Our investment in BlueTarp was based on the company's compelling business model, sharp growth trajectory, and strong track record of customer satisfaction," stated Jim Brown, Long Ridge's managing partner and co-founder. Brown, who joins BlueTarp as its newest board member, has invested in high-growth financial services companies for more than 15 years and has served as a member of numerous public and private company boards.
BlueTarp's equity increase was orchestrated by Financial Technology Partners LP and FTP Securities LLC (together "FT Partners"), an investment banking firm with a sole focus on the financial technology sector. "We are pleased to be working with BlueTarp and its shareholders as their investment banking partner," said Steve McLaughlin, managing partner of FT Partners. "We are fortunate to have worked with one of the fastest growing companies in the space and look forward to working with Scott and the team for years to come."
BlueTarp doubled its growth rate in 2012 and has invested aggressively as a part of a broader strategy to increase penetration of the building supply market. "We're just scratching the surface of how we can serve building supply dealers and contractors," said Scott Simpson, CEO of BlueTarp. "Access to this additional capital gives us the financial runway to deliver more value to our customers and continue our upward momentum."
About BlueTarp Financial
BlueTarp Financial manages the in-house trade credit programs of thousands of building supply dealers across the United States. Those dealers enjoy improved cash flow, increased sales and the elimination of the risk of managing credit in-house while their customers enjoy flexible credit terms and cutting-edge online tools for managing their purchases. BlueTarp Financial was founded in 1998 and is headquartered in Portland, Maine. For more information, visit www.bluetarp.com or follow them on Twitter @BlueTarpCredit.
SOURCE BlueTarp Financial