US investment group acquires California builder for a reported US$1.5m
California-based Eliminator Boats has been sold from receivership to RevLine LLC, an investment group headed by Eliminator general manager Jake Fraleigh and his business partner, Todd Mobraten, for a reported US$1.5m.
Eliminator filed for Chapter 11 bankruptcy protection in 2010 and the court-appointed CEO, James Wong, who has been heading operations, will cede that role to Fraleigh, who becomes president of the company.
“I am confident that Mr Fraleigh and RevLine will provide the operational skill sets and financial capital to reposition Eliminator for success,” Wong said in a news release.
“The powerboat industry is a tightly knit community, and I am certain the customers, vendors, employees, and many Eliminator devotees, will be appreciative that Eliminator is now in the hands of a long-time Eliminator employee, who understands the product and market, and is capable of leading the company and providing vision for its future.”
Eliminator celebrates its 50th anniversary next year, after humble beginnings with founder Bob Leach building a few boats for friends to becoming a full-time concern that led the so-called “West coast” craze of custom interiors, custom gel coating, hardware and setup.
“I am dedicated to the industry as well as the Eliminator brand. It’s an honor to take over such a legendary company and continue to work with the existing staff in building a better, stronger product,” Fraleigh said. “My RevLine partners bring extensive experience, capital, and a strong culture to the company.”
The sale received no opposition and was supported by Eliminator’s unsecured creditors.