BlueTarp Financial Partners with CNRG to Manage In-House Credit Programs
CNRG Signs Agreement for BlueTarp's Services at All Locations
PORTLAND, Maine and MEMPHIS, Tenn., Aug. 28, 2013 /PRNewswire/ -- BlueTarp Financial, the leading manager of in-house trade credit programs for the building supply industry, today announced it has entered into a new partnership with Central Network Retail Group (CNRG). Under this agreement, BlueTarp will manage all aspects of the CNRG credit program — credit extension, customer service, billing and collections — providing each CNRG location with improved cash flow, protection from credit risk, and an enhanced credit program experience for their contractors. CNRG, headquartered in Memphis, operates 43 lumberyards, hardware stores, and home centers throughout the southeast under brands like Morrison Terrebonne Lumber Center (Louisiana), Habersham Hardware (Georgia), Elliott's Hardware (Texas) and Town & Country Hardware (North Carolina).
The origin of the relationship began with Alabama's NFL Building Supply, where BlueTarp managed NFL's credit program since 2008. CNRG acquired NFL in 2011 and was impressed with the program and BlueTarp's close working relationship with NFL's management team. "After listening to the team from NFL describe their partnership with BlueTarp and their respect for the local relationships between dealers and their customers, we were interested in learning more about BlueTarp and how it may be used in our other brands," said Boyden Moore, president of CNRG. "We were impressed with Scott Simpson and his team as we worked on a bigger scale partnership with BlueTarp. The ease of transitioning to their program is a huge advantage — the BlueTarp team shares our passion for excellent customer service so we're working together to make sure everything goes smoothly. Our growth plans are aggressive and we believe that BlueTarp can keep pace and help us realize this future growth."
The announcement of the partnership with CNRG comes on the heels of BlueTarp's $15 million equity increase to support their own rapid growth rate. "BlueTarp is proud to add CNRG to our growing network of dealers," said Scott Simpson, BlueTarp's CEO. "Boyden is an innovative retail leader thinking ahead of the curve on how our industry is evolving. We look forward to delivering a professional credit program for all of CNRG's locations and customers."
About BlueTarp Financial
BlueTarp Financial manages the in-house trade credit programs for thousands of building supply dealers across the United States. Those dealers make more money with improved cash flow and eliminate the risk of managing credit in-house. Their customers enjoy flexible credit terms, loyalty rewards 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.
About Central Network Retail Group, LLC
CNRG operates 43 home center and hardware stores in Mississippi, Louisiana, Alabama, Tennessee, Texas, North Carolina, and Georgia under nine separate brands. The company is building a multi-format, multi-brand operating company through strategic partnerships and acquisitions. More information on Central Network Retail Group can be found at www.cnrgstores.com.
SOURCE BlueTarp Financial
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