Bridge Bank Provides $7.5 Million Credit Facility to Support Blue Sky eLearn’s Growth
COSTA MESA, Calif.–(BUSINESS WIRE)–Bridge Bank today announced its Structured Finance Group has closed on credit facilities totaling $7.5 million for San Diego-based Blue Sky eLearn.
Blue Sky eLearn, sponsored by McCarthy Capital, plans to use the funds as working capital to support its growth.
“As the world has increasingly shifted to virtual events and meetings, Blue Sky eLearn was ahead of the game with its 20-year track record of delivering solutions to companies that are helping people take their careers to the next level,” said Justin Vogel, senior vice president in Bridge Bank’s Capital Finance Group.
Blue Sky eLearn uses a learning management system (LMS) platform to deliver e-learning experiences and virtual events that help its clients advance the career of every professional. The global LMS market is expected to grow from $15.8 billion in 2021 to $37.9 billion by 2026 at a compound annual growth rate (CAGR) of 19.1%.
“We are focused on growth and progressing steadily toward that goal,” Blue Sky Founder and CEO Philip Forte said. “We appreciate Bridge Bank’s role in supporting our efforts with this essential financing.”
Bridge Bank’s Structured Finance Group works with private equity sponsors to provide flexible financial solutions for the life of an asset, from term debt to acquisitions to working capital, to support growth with expertise in enterprise recurring and transactional re-occurring revenue-based debt structures, as well as traditional cash flow-based lending structures.
About Blue Sky eLearn
Blue Sky eLearn is an e-learning experience and virtual event company that helps organizations advance the career of every professional. The company’s award-winning learning management system, Path LMS connects hundreds of organizations with millions of lifelong learners across industries worldwide. Through on-demand learning and live, virtual events each year, Blue Sky eLearn helps clients broadcast thousands of hours of high-quality content and create e-learning experiences that resonate. For more information, visit www.blueskyelearn.com.
About McCarthy Capital
McCarthy Partners Management, LLC, is a registered investment advisor that conducts business as McCarthy Capital. McCarthy Capital, headquartered in Omaha, Nebraska, is focused exclusively on lower middle-market companies. For more than 35 years, the McCarthy organization has been partnering with founders, families, and exceptional management teams to support the growth of their companies. More information about McCarthy Capital can be obtained at mccarthycapital.com.
About Bridge Bank
Bridge Bank, a division of Western Alliance Bank, Member FDIC, helps business clients realize their ambitions. Founded in 2001 in Silicon Valley, Bridge Bank offers a better way to bank for small to mid-market businesses across many industries, as well as emerging technology companies and the private equity community. Geared to serving both venture-backed and non-venture-backed companies, Bridge Bank delivers a broad scope of financial solutions, including startup banking, capital, equipment and working capital credit facilities, venture debt, treasury management, asset-based lending, SBA and commercial real estate loans and a full line of international products and services. Based in San Jose, Bridge Bank has 15 offices in major markets across the country, along with Western Alliance Bank’s powerful array of specialized financial services. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation, with more than $56 billion in assets. Western Alliance is #2 best-performing of the 50 largest public U.S. banks in the S&P Global Market Intelligence listing for 2021 and ranks high year after year on the Forbes list of “America’s Best Banks.” For more information, visit Bridge Bank online.
Contacts
Stephanie Whitlow
swhitlow@westernalliancebank.com