Chartwell is pleased to announce that WAEV recently closed on a new senior secured revolving credit facility. Proceeds from the facility were primarily utilized to support near- and long-term working capital requirements. The newly funded credit facility (the “Revolver”), provided by JPMorgan Chase Bank, N.A., provides WAEV (the “Company”) with operating flexibility and liquidity to support its strategic growth initiatives as a standalone entity while also supporting working capital needs associated with its significant order book of new business. Additionally, WAEV has access to incremental capital through an accordion that allows the Company to upsize the Revolver to further support management’s corporate strategic objectives.
Chartwell served as WAEV’s exclusive financial advisor for the capital raise, providing strategic counsel to the Company as it evaluated its numerous financing alternatives in pursuit of sustainable growth and significant operating flexibility. The Revolver provides WAEV, which was spun out of Polaris Inc. (NYSE: PII) in 2021, with the necessary capital to rapidly scale its business as a standalone entity, capturing market share in the expanding low-speed mobility sector.
“We were honored to work with the WAEV management team on this important transaction to help support the Company as a standalone entity and provide growth capital. Because of WAEV’s strong reputation for quality products and deep industry expertise, we were confident that we could assist in finding a flexible and tailored credit solution that specifically met the Company’s needs and could support management’s strategic objectives. The solution came in partnership with JPMorgan’s Green Economy Commercial Banking team, who were eager to be part of the next chapter of the Company’s story as it pursues sustainable growth within the clean mobility industry. We are excited to watch WAEV’s growth story over the next several years.”
– Ryan Rassin, Managing Director, Chartwell
WAEV is an electric mobility vehicle pioneer poised to capitalize upon the electrification and mobility trends in the low-speed mobility sector. The Company engineers, manufactures, and distributes low-speed electric vehicles for consumer, commercial, and industrial applications via three stalwart brands: GEM, Taylor-Dunn, and Tiger, each commanding decades of dealer and user confidence.