Eliminator Custom Boats, Inc., has been sold to RevLine, LLC. The company has been in chapter 11 bankruptcy since 2010 and the court approved the sale on December 19. RevLine, an entity formed by an investor group, will purchase Eliminator’s business operations, intellectual property and tangible assets for $1.5 million.
The new company will be called RevLine, LLC, doing business as Eliminator Boats.
Current Eliminator general manager Jake Fraleigh is one of the partners in RevLine and will become the company president. James Wong, the court-appointed CEO of Eliminator, will relinquish his role to Fraleigh and assist Fraleigh toward a smooth transition that includes the completion of customers’ boats currently in production and being serviced.
“Eliminator filed chapter 11 bankruptcy in 2010 and the consummation of this transaction has been an long and arduous journey,” Wong said in a statement. “I am confident that Mr. 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 long-time Eliminator employee who understands the product and market and is capable of leading the company when providing vision for its future.”