BlueTarp gets $15M infusion to expand credit line
BlueTarp Financial, a Portland-based trade credit and marketing services firm for the building supply industry, has raised $15 million through an equity offering that will increase its line of credit as the company continues to expand.
Scott Simpson, BlueTarp’s CEO, told Mainebiz the latest equity offering will allow the company to expand its growing customer base of over 2,000 building supply merchants. Over the last year, adding to that customer base drove an increase in the company’s transaction volume by 30% to 40%.
“We anticipate that continuing or accelerating,” Simpson said.
While adding merchants is driving BlueTarp’s growth, Simpson said larger economic trends are also bolstering confidence in an economic recovery and releasing pent-up demand in the housing market.
“We also have the benefit of a much better macroeconomic environment,” Simpson said.
That includes continuing low interest rates, falling unemployment and increasing housing market activity that he said bolsters consumer confidence.
The company also has increased its own numbers, growing from around 50 employees at the start of 2012 to just over 80. Simpson said he expects that number to increase further by the end of this year.
Thirteen investors — a mix of new and existing investors — participated in the latest offering brokered through the San Francisco, Calif.-based FTP Securities LLC.
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