Long Ridge to sell BlueTarp to Capital One

Long Ridge has agreed to sell BlueTarp Financial to Capital One. No financial terms were disclosed. The deal is expected to close in the third quarter of this year. Based in Portland, Maine, BlueTarp is a provider of customized B2B credit management programs.

PRESS RELEASE

Long Ridge is pleased to announce that we have reached a definitive agreement regarding the sale of BlueTarp Financial, Inc. (“BlueTarp”) to Capital One. The transaction is expected to close in the third quarter of 2019, subject to customary closing conditions. The sale continues a very active 2019 for Long Ridge’s portfolio, including Browz’s previously announced sale to Avetta, Broadway’s acquisition of BarracudaFX, and numerous acquisitions by Carson Group.

Long Ridge led BlueTarp’s $15M Series D Investment in 2013. Under Long Ridge’s ownership, the company achieved significant growth and strategic milestones. Select highlights are provided below:
3x organic revenue growth since Long Ridge’s investment.
Successful expansion up-market and diversification beyond the building products industry.
Addition of marquee clients (e.g., Staples) and distribution partners (e.g., Synchrony Financial).
Strong management of the business from a credit and operations standpoint, allowing the Company to secure attractive financing from Wells Fargo and an ultimate sale to Capital One.
We are grateful for the hard work and tireless dedication of the BlueTarp team in growing the business throughout our investment period and successfully navigating the transaction process over the past several months.

About Long Ridge Equity Partners
Founded in 2007, Long Ridge invests in growth stage companies that are transforming financial and business technology. With over $400 million of committed capital, Long Ridge partners with visionary entrepreneurs to build sector leaders. The firm’s collaborative approach, coupled with deep industry expertise, makes Long Ridge the partner of choice for industry-leading management teams. Representative investments include BlueTarp Financial, Broadway Technology, Browz, Carson Group, and Portware. Long Ridge is based in New York City and can be contacted at www.long-ridge.com.