Los Angeles, May 12, 2022 – Palm Tree LLC is pleased to announce that its wholly-owned subsidiary and registered broker-dealer, Palm Tree Securities LLC, served as the exclusive financial advisor to CST Industries, a portfolio company of Solace Capital Partners, in securing a $30 million revolving credit facility from Siena Lending Group.
CST Industries is the leading global manufacturer of factory coated metal storage tanks and silos, aluminum domes, and specialty covers. Established in 1893, CST Industries provides highly engineered, best-in-class, and customized storage solutions to a variety of end markets that require the storage of water, wastewater, petrochemicals, industrial liquids, dry bulk products, agricultural materials, and more.
With a global footprint of more than 380,000 tanks and 20,000 covers across more than 125 countries, CST has the world’s largest installed base of steel storage tanks, aluminum domes, and specialty covers worldwide. The Company is headquartered in Kansas City, Missouri, and operates six manufacturing facilities globally, including four facilities in the United States, one in the United Kingdom, and one in .
“The entire Palm Tree organization was diligent and committed to our business needs and delivered a successful outcome,” said Jeff Mueller, CEO of CST Industries. “From the outset and through the entire process, Palm Tree provided us with unwavering support.”
“Palm Tree is a value-added extension of our team,” said Chris Brothers, Managing Partner of Solace Capital Partners. “The debt advisory practice at Palm Tree delivered a great result for CST, and we look forward to building upon our new lending relationship with Siena Lending Group.”
“The additional liquidity will allow CST to take advantage of pent-up demand and further solidify its position as the leading manufacturer of industrial storage tanks and specialty covers,” said Stephen Rossi, Managing Director, Co-founder of Investment Banking at Palm Tree. “It was a pleasure working with the teams at CST Industries and Solace Capital Partners.”
About Palm Tree: Palm Tree is the modern M&A Advisor. A hybrid of consulting, accounting advisory, and investment banking, it provides clients with comprehensive financial, transactional, and operational solutions. Born out of private equity, Palm Tree navigates the time-sensitive, demanding, and uncompromising rigors of M&A from the perspective of owners and investors. This gives its clients the advantage of experience and expertise across the full continuum of transactions, transitions, and transformations. Since its inception in 2010, Palm Tree collectively has advised on more than 300 transactions totaling more than $45 billion in value. Securities products and services are offered through Palm Tree Securities LLC, member FINRA, SIPC.
About Solace Capital Partners: Solace Capital Partners is a Los Angeles-based alternative investment manager that manages more than $500 million of assets. Solace focuses on constructive investing in lower middle-market companies in the United States and Canada, providing flexible debt and equity solutions for established businesses facing complex situations. The firm seeks to provide financial stability and drive performance improvement in its portfolio companies while generating attractive risk-adjusted returns for investors.