Group secures $50M from Wells Fargo, reports record quarterly revenue and YOY growth

Image: Shutterstock Group has secured a new $50 million credit facility as a result of a finance deal with Wells Fargo.

The funding amount is split evenly into a $25 million revolving credit facility and a $25 million loan facility and will be used by Group “for general corporate purposes and to settle deferred consideration, and to fund potential growth opportunities.”

The new credit facility is due to mature in three years’ time and may be incrementally increased by Wells Fargo up to $10 million in the aggregate.

“We have established a track record of successful execution on our growth initiatives that are delivering consistently strong revenue, Adjusted EBITDA and cash flow growth,” Group Chief Financial Officer Elias Mark said. “This new credit facility enhances our already strong balance sheet and liquidity. Thereby, it provides additional financial flexibility as we pursue both organic and inorganic growth opportunities that can further scale the business and generate incremental value for our shareholders.” Group sees YOY growth, record Q4

Meanwhile, on March 21, Group reported a year-on-year increase in revenue, adjusted EBITDA, and net profit growth in 2023, helped by a record Q4.

Revenue for the 12 months up to December 31, 2023, hit $108.7 million, some 42.1% ahead of the previous year. In Q4, Group said revenue hit a record high of $32.5 million, an increase of 52.6%.

The digital marketing services provider noted several new acquisitions and expansions in 2023 helped to drive the growth. The group launched in both Ohio and Massachusetts last year and added to its portfolio of branded websites twhich also includes,, and In total, the group owns and operates more than 50 websites across 15 national markets.

Assessing the year, CEO Charlies Gillespie said the group’s North American progress has been a huge driver.

“Our Q4 and full-year North American revenue increased 103% and 69%, respectively. This growth was driven by new state launches, strong increases in ‘same-state’ sales and our blossoming media partnership initiatives,” Gillespie noted.