Longtime North Carolina boat dealer Chatlee Boat & Marine recently bought out the inventory of rival Choplin Marine.
Chatlee purchased Choplin’s stock of 50 to 60 boats, as well as pickup trucks, tractors, engines, parts and more.
“It wasn’t a takeover or anything like that,” Chatlee co-owner Jeff Yow told the Sanford Herald newspaper. “It was just a mutual buyout.”
The terms of the purchase were not disclosed, but Yow said his business paid a “large amount of money” for inventory. The transaction did not involve any real estate or buildings.
Choplin’s future was unclear Monday, as owner Tim Pilson could not be reached for comment, but a message left at the company’s Beechtree Drive store said the business was closed as of Friday.
Yow said the recent death of Pilson’s son, who was expecting to direct the business, left the family reconsidering Choplin.
“At that point he just decided he would try to find another home for it,” Yow said. “It was definitely not a ‘going-out-of-business’ for him. He just wanted to go a different direction.”