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BlueTarp Financial Expands Credit Capacity With Wells Fargo Capital Finance

July 24, 2013, 08:01 AM
Filed Under: Lender Finance

BlueTarp Financial, a leading trade credit provider for the building supply industry, 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. 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, 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 Financial manages the in-house trade credit programs of thousands of building supply dealers across the United States.

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