Palm Tree Securities, a wholly-owned broker-dealer subsidiary of Palm Tree, a consulting and advisory firm, served as the exclusive financial advisor to Coaster Cycles in the placement of a debt facility of up to $20 million of new working capital financing.
Headquartered in Missoula, MT, Coaster Cycles designs, engineers and manufactures a line of electric cargo trike (ECT) models that connect the gap between the last-mile delivery and “last 50 feet” transportation market.
“We’re thrilled with the outcome of this raise,” Ben Morris, founder and CEO of Coaster Cycles, said. “Our first-of-its-kind ECT platform is now squarely aimed at supporting delivery businesses with a three-wheeled alternative and unlocks an entire genre of larger goods that can be delivered using a sustainable, eco-friendly alternative to trucks and vans.”
Coaster Cycles also offers the ECT product and service platform R.O.C.K.S.T.A.R, which makes converting to an ECT delivery fleet accessible for independent, small and bulge-bracket customers.
“The R.O.C.K.S.T.A.R. service platform is essentially a new industry within the three-wheeled delivery space,” Bryan Crutchfield, a senior vice president at Pal Tree, said. “Ben and his COO, Justin Bruce, have built new and exciting partnerships for 16 years now. We’re very happy to help them take their vision to the next level.” Crutchfield will assume the role of chief investment officer of Coaster Cycles.
“The team at Coaster Cycles is inspiring companies to think differently about how goods can be delivered in the very last leg of the process — and about how those vehicles are managed and maintained,” Stephen Rossi, managing director and head of capital markets at Palm Tree, said. “We look forward to the affordable, sustainable future that Coaster Cycles can help deliver.”
