The company 321 Capital Partners LLC announced that it completed the sale of fiberglass sportboat builder Ebbtide Corp. to a privately held Chinese investment company.
Ebbtide, based in White Bluff, Tenn., builds fiberglass sportboats and recreational boats at a 150,000-square-foot facility.
“Selling your company that you have been operating for 44 years is bittersweet,” Ebbtide president and former owner Tommy Trabue said in a statement. “There comes a time when you need to transition yourself to a different position. Ebbtide has been my life all these years, and I am proud of our record of designing and manufacturing excellent boats.”
Finding the right person to pass our legacy on to was extremely important to me. The new owner of Ebbtide is a Chinese businessman and entrepreneur that plans to build our brand name here in the U.S. and Canada, as well as developing Ebbtide into a global brand,” Trabue said in the release. “He will strengthen the company financially and provide leadership and vision to build the company for the future. He offers an excellent opportunity for all of our employees to grow in his international organization, both here and China. I am pleased that I will continue working with the company as the future unfolds.”