Palm Tree LLC is Pleased to Announce the Successful Close of Senior Credit Facilities for Coaster Cycles

Los Angeles, September 29, 2021 – Palm Tree LLC, a consulting and advisory firm, is pleased to announce that its wholly-owned broker-dealer subsidiary, Palm Tree Securities LLC, 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 premier line of electric cargo trike (“ECT”) models that connect the gap between the last-mile delivery and “last 50 feet” transportation market. Designed and engineered with operators in mind, the entire line of Coaster Cycles ECT models is manufactured and assembled in the United States.

“We’re thrilled with the outcome of this raise,” said Ben Morris, founder, and CEO of Coaster Cycles. “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 first end-to-end 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 alike. Its light and maneuverable vehicles, combined with its R.O.C.K.S.T.A.R service platform, offer a significantly lower total cost of ownership (TCO) than traditional delivery vans.

“The R.O.C.K.S.T.A.R. service platform is essentially a new industry within the three-wheeled delivery space,” said Bryan Crutchfield. “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.” Mr. Crutchfield will assume the role of Chief Investment Officer at 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,” said Stephen Rossi, Managing Director and Head of Capital Markets at Palm Tree. “We look forward to the affordable, sustainable future that Coaster Cycles can help deliver.”

Palm Tree acted as the exclusive financial advisor to Coaster Cycles and worked closely with the management team and shareholders throughout the financing process.

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