In a press release this afternoon, Eliminator Custom Boats Inc., Debtor-in-Possession, announced the sale of the company to RevLine, LLC. The bankruptcy sale of the powerboat manufacturer received court approval on Wednesday, according to the release.
Behind the leadership of longtime employee Jake Fraleigh—one of the new owners of Eliminator Boats—the legendary Southern California performance boat company appears to be poised for a fresh start.
The special-purpose entity formed by an investor group has purchased Eliminator’s business operations, intellectual property, and certain tangible assets for $1.5 million. The new company will be called, RevLine, LLC, doing business as Eliminator Boats, and will remain in its Mira Loma, Calif., facility.
Jake Fraleigh, who is Eliminator’s general manager, is one of the partners of RevLine and will become Eliminator’s president. James Wong, the current court-appointed CEO of Eliminator, will relinquish his role to Fraleigh and assist him and his team toward a smooth transition, including completion of customer boats in production as well as service.
“Eliminator filed Chapter 11 bankruptcy in 2010, and the consummation of this transaction has been a long and arduous journey,” Wong stated in the release. “I am confident that Fraleigh and RevLine will provide the operational skill sets and financial capital to re-position Eliminator for success. 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 longtime Eliminator employee who understands the product and the market, and is capable of leading the company and providing vision for its future.”
The employees of Eliminator Boats are eager to get to work for new president Jake Fraleigh (center in plaid shirt).
“I am dedicated to the industry as well as the Eliminator brand,” said Fraleigh, who takes over as the company, which was founded by powerboat industry icon Bob Leach, as it heads into its 50th anniversary. “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. My RevLine partners bring extensive experience, capital and a strong culture to the company. We look forward in continuing to service our family of customers.”
According to the release, the sale received no opposition, and was supported by the Official Committee of Unsecured Creditors.
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