3BG Supply accelerates growth with $8 million credit facility Espresso Capital
Fort Wayne, IN — May 12, 2022 — Espresso Capital announced today that it has provided 3BG Supply, a technology-enabled distributor of industrial maintenance, repair, and operations (MRO) products, with an $8 million credit facility. The company will use the capital to help drive its growth plans.
“Venture debt was the best choice for us to help fuel the 80 percent year-over-year growth we’re targeting for the next three years,” said Alex Smith, CEO and Co-Founder of 3BG Supply. “The capital will allow us to make key hires in our sales team so that we can better mine and expand our existing base of more than 16,000 customers to unlock revenue opportunities. We’re also carefully weighing a number of strategic acquisitions that will help further accelerate our growth and bolster our critical mass.”
In 2021, 3BG was named to the Inc. 5000 List of Fastest-Growing Private Companies in America. It plans to more than double its headcount from 45 employees to over 100 within the next few years.
“3BG is tackling a massive and fragmented industry with technology, continuous process improvements, and a great leadership team,” said Mark Gilbert, Executive Director at Espresso Capital. “They are growing 10x faster than their industry. We’re very excited about what lies ahead for 3BG.”
“Espresso has been a wonderful partner for us,” noted Smith. “They’ve got a great track record, clearly understood our industry and business model, and provided a facility that truly meets our needs. It’s been a pleasure to work with Mark and the team.”
The company’s existing investors include Plymouth Growth and Elevate Ventures.
About 3BG Supply
3BG Supply is a technology-enabled distributor of Industrial MRO products such as bearings, electric motors, sprockets, chains, and numerous other product categories. We are focused on operational excellence and digitization to create a seamless, customer-focused, omnichannel experience, that makes purchasing products and identifying applicable issues easier for our buyers.
About Espresso Capital
Espresso empowers companies with innovative venture debt solutions. Since 2009, we’ve helped more than 300 technology companies and their investors accelerate growth, extend runway, and increase strategic flexibility with non-dilutive capital. Learn more at espressocapital.com.