3LB Restaurant secures $5.3m funding for expansion

5th September 2019 (Last Updated September 5th, 2019 12:33)

US-based 3LB Restaurant Concepts has secured a $5.3m credit facility from Pacific Mercantile Bancorp’s subsidiary Pacific Mercantile Bank.

US-based 3LB Restaurant Concepts has secured a $5.3m credit facility from Pacific Mercantile Bancorp’s subsidiary Pacific Mercantile Bank.

The restaurant chain will use the funding to restructure its existing debt and support expansion efforts.

3LB Restaurant Concepts CEO Zak Higson said: “By focusing on providing guests with high-end dining and imbibing options at value-driven prices, we have continually introduced new concepts that have resonated well with our target market.

“We believe we have excellent opportunities to continue our expansion and we were impressed with Pacific Mercantile Bank’s ability to support our vision.

“In addition to providing a customised credit facility to meet our financing needs, Pacific Mercantile Bank’s Horizon Analytics tool was extremely valuable in helping us evaluate various growth scenarios and identify the strategy that will be most beneficial to growing the value of our company in the coming years.”

As part of the deal, Pacific Mercantile Bank will also provide depository products and treasury management services to the restaurant chain.

Established in 2007, 3LB Restaurant operates six restaurants and two craft breweries in North San Diego County.

The company’s brands include Urge American Gastropub, Urge Common House, and Mason Ale Works.

Pacific Mercantile Bank vice-president Jeremy Schmidt said: “It’s been a pleasure to work with 3LB and understand their vision for opening additional restaurants that have their own personality and reflect the communities in which they are located.

“We look forward to supporting their future growth and helping the company reach a new level of success.”

Pacific Mercantile Bank senior vice-president and regional manager Ross Macdonald said: “We would like to thank Innovative Capital for introducing us to 3LB. They recognised that our experience in the food and beverage industry and the value we could provide with Horizon Analytics made us an ideal banking partner for 3LB.”

3 Local Brothers is the parent company of The Barrel Room, Urge Gastropub, Brothers’ Provisions, Mason Ale Works, Mason Coffee Works and 101 Proof.